Economists ________ that price controls are desirable
A) are reluctant to state B) never believe
C) only recently agree D) are in agreement
A
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Under which of the following circumstances would private saving be positive in a closed economy?
A) Y = $6 trillion C = $2 trillion TR = $8 trillion G = $3 trillion public saving = $1 trillion B) Y = $10 trillion C = $5 trillion TR = $2 trillion G = $2 trillion public saving = $1 trillion C) Y = $8 trillion C = $2 trillion TR = $4 trillion G = $2 trillion public saving = $4 trillion D) Y = $9 trillion C = $5 trillion TR = $1 trillion G = $1 trillion public saving = $3 trillion
Objective
What will be an ideal response?
The U.S. federal government collects taxes in a number of ways. Rank the following sources of revenue from the largest to the smallest
a. corporate income taxes, individual income taxes, social insurance taxes b. social insurance taxes, individual income taxes, corporate income taxes c. individual income taxes, social insurance taxes, corporate income taxes d. individual income taxes, corporate income taxes, social insurance taxes
Answer the following questions true (T) or false (F)
1. Peanut butter and jelly are complements. If the price of peanut butter increases, the demand for jelly will increase. 2. A normal good is a good for which the demanded decreases as income decreases, holding everything else constant. 3. The income effect explains why there is usually a direct relationship between the price of product and the quantity of the product demanded.