Which of the following people would most likely pay a higher percentage of her wages in excise tax?
a. a low earner who does not smoke, drink, or drive a car
b. a low earner who drinks, smokes, and commutes to work
c. a high earner who drinks, smokes, travels, and owns many investments
d. a high earner who drinks, smokes, commutes to work, and has no investments
b. a low earner who drinks, smokes, and commutes to work
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The assertion that income accrues to people as a consequence of interactions among suppliers and demanders
A) amounts to an endorsement of the existing system. B) amounts to an endorsement of the pattern of income distribution. C) ignores the fact that the interactions are often unfair. D) offers a way of approaching the issue of income distribution.
Can both producer surplus and consumer surplus exist at the same time in a particular market?
What will be an ideal response?
Macroeconomic equilibrium is best described as a situation in which: a. the slope of the aggregate demand curve equals the slope of the aggregate supply curve. b. quantity demanded exceeds quantity supplied
c. quantity demanded equals quantity supplied at a unique price level. d. quantity supplied exceeds quantity demanded at a unique price level. e. quantity supplied equals quantity demanded at a unique price level.
If V falls faster than M increases: a. nominal GDP increases
b. nominal GDP decreases. c. nominal GDP stays the same. d. there is an indeterminate effect on nominal GDP.