Lines, ration coupons, and black markets are symptoms of a
a. price floor.
b. price ceiling.
c. free market.
d. barter economy.
b
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The horizontal-equity principle of taxation is not easy to use in practice because
A) different people receive different levels of government benefits even if their incomes are the same. B) people can use tax loopholes to reduce their incomes below the incomes of other taxpayers. C) it is difficult to determine whether people are in the same economic situation. D) some people engage in rent seeking to reduce their taxes below the level other people pay.
Between 1914 and 1920, the US price level ______________
a. fell dramatically. b. nearly doubled. c. rose and fell in accordance with intensity of the war. d. remained relatively stable.
The Celler-Kefauver Act of 1950:
a. amended the Sherman Act to outlaw price fixing where the effect is to lessen competition b. created the Interstate Commerce Commission. c. prohibited conglomerate mergers where the effect is to lessen competition. d. prohibited a firm from acquiring the assets of another firm where the effect is to lessen competition.
Points that lie beneath the production possibilities curve are:
A. unattainable but efficient. B. attainable and efficient. C. attainable but inefficient. D. unattainable and inefficient.