In the United States, all money is essentially the debt of government, commercial banks, and thrift institutions.
Answer the following statement true (T) or false (F)
True
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If a state government wants to collect the maximum tax revenue from a unit excise tax, which of the following would they tax?
A) cigarettes B) beef hamburgers C) luxury cars D) concert t-shirts
Use the above table. Assuming constant opportunity costs, if Argentina and France specialize based on comparative advantage, then they will trade if the rate of exchange
A) is 7 gallons of wine for 1 pound of beef, and Argentina imports beef. B) 0.25 gallons of wine for 1 pound of beef, and France imports beef. C) 0.25 pounds of beef for 1 gallon of wine, and Argentina imports wine. D) 0.4 pounds of beef for 1 gallon of wine, and France imports wine.
Which of the following groups of people would most likely pay a higher percentage of their wages on excise tax?
a. doctors earning $400,000 per year b. engineers earning $95,000 per year c. teachers earning $55,000 per year d. cashiers earning $25,000 per year
Which of the following combinations of hamburger and milkshake consumption yields consumer equilibrium?
a. 1 hamburger and 2 milkshakes b. 2 hamburgers and 2 milkshakes c. 3 hamburgers and 4 milkshakes d. 4 hamburgers and 4 milkshakes