In a market economy, the people who receive the goods and services produced are those who
A. Have the most political power.
B. Want the goods and services the most.
C. Need the goods and services the most.
D. Are willing and able to pay the market price.
Answer: D
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Which of the following fiscal policy actions would be appropriate if the economy is experiencing an recessionary? gap?
A. a decrease in taxes B. an increase in interest rates C. a decrease in government spending D. a decrease in the money supply
The average tax rate faced by an individual is the ________
A) total tax paid by her divided by the total income earned B) total revenue received by the government divided by the number of taxpayers C) percentage of the last dollar earned that a household pays as a tax D) difference between the highest tax rate and the lowest tax rate
Refer to the scenario above. If each bidder uses his/her dominant strategy, who will get the good being auctioned?
A) Tom B) Pat C) Arthur D) Julie
Isoquants reflect the fact that in the long run:
a. inputs can be substituted for each other. b. a fixed set of inputs can produce different levels of output. c. inputs used in production are complementary in nature. d. different levels of input can be used to satisfy a budget constraint.