"Taxes are what we pay for a civilized society." This statement was made by
A) Herbert Hoover. B) Franklin Roosevelt.
C) Oliver Wendell Holmes. D) Adam Smith.
C
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Within the Keynesian model, the multiplier effect tends to
a. smooth out the up- and down- swings of the business cycle. b. promote price stability. c. magnify small changes in spending into much larger changes in output and employment. d. reduce the impact of an increase in investment on output and employment.
Externalities may be internalized by
A. government-imposed taxes and subsidies. B. regulation. C. legal rules and procedures. D. All of the choices are correct.
Suppose you receive Y1 of your income this period and Y2 of your income next period. If you can either borrow or lend at an interest rate r, what is the most you can consume in the current period?
A. Y2/(1 + r) + Y1 B. Y1(1 + r) + Y2 C. Y1/(1 + r) + Y2 D. Y2(1 + r) + Y1
The disadvantages of government intervention include
A. reduced regulation. B. lower taxation. C. incentive problems. D. achieving desirable goals.