The definition of the adult population is those who are 16 years and older and who are
A. employed or unemployed.
B. in the labor force or not in the labor force.
C. in the labor force.
D. not in the labor force.
Answer: B
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A differential commodity tax is the same as an excise tax.
A. True B. False C. Uncertain
Which of the following was not a component of the National Recovery Act (NIRA)?
a. Set minimum prices for goods. b. Set minimum wages. c. Set a minimum number of hours of work. d. Institute codes of fair practice for various industries.
Which of the following statements is correct?
a. Taxes are more difficult to administer than regulations. b. Taxes provide incentives for firms to adopt new methods to reduce negative externalities. c. Command-and-control policies provide incentives for private decisionmakers to solve their problems on their own. d. Corrective taxes distort incentives.
An economy has two workers, Jen and Rich. Everyday they work, Jen can produce 2 TVs or 10 radios, and Rich can produce 4 TVs or 12 radios. What is the opportunity cost for Rich to produce one radio?
A. 1/6 TV B. 4 TVs C. 1/3 TV D. 1/12 TV