Which of the following would be an example of a lump-sum tax?
A. A compensated tax.
B. A retail sales tax.
C. A head tax.
D. An admission fee.
C. A head tax.
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People make mistakes in allocating their time
a. only when leisure time is an inferior good b. because expectations are not always fulfilled c. more often when the cost of making a mistake is high d. only when economists remove the assumption that individuals are rational e. because information is free and readily available
Other things equal, the equation for the real interest rate indicates that:
a. as inflation increases, the real interest rate will rise. b. as inflation increases, the nominal interest rate will fall. c. as inflation decreases, real income will fall. d. as inflation decreases, the real interest rate will rise. e. as inflation changes, the real interest rate will not change.
When looking at the impact of a change in trade policy economists use consumer and producer surplus to look at the winners and losers. Free trade economists insist that
A. there are winners and losers, but that the loss to the losers is greater than the gain to the winners. B. there are winners and losers, but that the gain to the winners is greater than the loss to the losers. C. everyone loses. D. no one loses.
If the Dow Jones Industrial Average is at 10,205 and it is up 4% from the previous day, what was the index at the close of the market the previous day?
A. 9,805.0 B. 10,201.0 C. 9800. 0 D. 9,812.5