The administrative burden of taxes is:
A. smallest with a lump-sum tax.
B. the same if the revenue generated is the same for any kind of tax.
C. smaller the larger the amount of the tax.
D. the same across all types of taxes.
A. smallest with a lump-sum tax.
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If the price of a candy bar is $1 and the price of a fast food meal is $5, then the
A) relative price of a candy bar is 5 fast food meals per candy bar. B) money price of a candy bar is 1/5 of a fast food meal per candy bar. C) relative price of a fast food meal is 5 candy bars per fast food meal. D) money price of a fast food meal is 1/5 of a candy bar per fast food meal.
In real life, people's behavior is constrained by:
A. laws of nature. B. legislated rules of society. C. costs of various actions. D. All of these are rules that constrain people's behavior.
Which of the following provides the best summary of the basic idea of public choice analysis?
a. Public choice analysis applies the principles of economics to political science topics. b. Public choice analysis takes the principles of political science and applies them to the traditional topics of economics. c. Public choice analysis uses the principle of majority rule to determine the efficiency of an action. d. Public choice analysis indicates there is a sharp distinction between economic and political topics.
Faced with a hundred pounds of strawberries, the rational individual will eat:
A. all of the strawberries. B. strawberries until the satisfaction from eating strawberries is maximized. C. strawberries until the satisfaction from the last strawberry is maximized. D. strawberries until the satisfaction from eating the last strawberry begins to fall.