A survey of professional economists revealed that more than three-fourths of them agreed with a number of statements, including which of the following?
a. Tariffs and import quotas usually reduce general economic welfare.
b. A large federal budget deficit has an adverse effect on the economy.
c. Minimum wage increases unemployment among young and unskilled workers.
d. All of the above are correct.
d
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In the above table, the inflation rate between 2012 and 2013 is approximately
A) 0.9 percent. B) 1 percent. C) 10 percent. D) 100 percent.
Which of the following would not be considered price discrimination?
a. Long distance telephone rates are cheaper late at night. b. Airline fares are cheaper if you reserve several weeks in advance. c. The price of lettuce is 59 cents a head and two for a dollar. d. The price of a brand-name prescription drug is higher than the price of a generic brand. e. Senior citizens pay less for a movie.
Which of the following best reflects the ability-to-pay philosophy of taxation?
a. an excise tax on coffee b. an excise tax on gasoline c. a progressive income tax d. a tax on residential property
Which of the following accurately explains why short-run profits lead to zero economic profits in the long run?
a. Short-run profits causes supply to decrease, thereby decreasing price and making it equal to ATC. b. Short-run profits causes supply to decrease, thereby increasing price and making it equal to ATC. c. Short-run profits causes supply to increase, thereby decreasing price and making it equal to ATC. d. Short-run profits causes supply to increase, thereby increasing price and making it equal to ATC.