When a nation removes restrictions on imported products that nation will
A. experience lower prices and consume higher quantities.
B. experience higher prices and consume lower quantities.
C. experience higher prices and consume higher quantities.
D. experience lower prices and consume lower quantities.
Answer: A
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Consider the following types of demand curves:
a. a vertical demand curve b. a horizontal demand curve c. a linear downward-sloping demand curve Which of the demand curves listed exhibits a price elasticity of demand coefficient that remains constant along the demand curve? A) a only B) b only C) a and b only D) a, b, and c
The Patient Protection and Affordable Care Act (ACA) is scheduled to be fully implemented by 2019, at which point
A) more than 30 million additional individuals are expected to have health care coverage. B) all hospitals in the United States will be taken over by the federal government. C) private health insurance companies will no longer exist in the United States. D) current budget cuts are expected to have completely offset the cost of the program.
The greatest increase in productivity per capital results from
a. a larger population. b. more land. c. specialization and exchange. d. atmospheric conditions.
Which of the following statements is true?
A. Sales, excise, and flat-rate taxes violate the ability-to-pay principle of taxation fairness because each results in a smaller burden on the poor than the rich. B. Government failure may occur if voters are rationally ignorant. C. Special-interest group political pressure results only from programs for which benefits outweigh costs. D. Majority-rule voting and benefit-cost analysis result in the same projects being undertaken.