People who reject all theories because they prefer to rely on experience
A) actually rely on unrecognized theories.
B) don't know any theories and are trying to cover up their ignorance.
C) tend to accomplish more but also to make more mistakes.
D) tend to make fewer mistakes but also to accomplish less.
E) value science more than theory.
A
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Suppose the government levies a per-unit tax on TVs, and this tax increases the price of TVs by $100. Model TVs as x1 and all other goods as a composite good x2. a. For a consumer with income I, write down an equation for the before-tax budget line. b. Write down the after-tax budget line equation. c. Suppose you know the bundle on the after-tax budget that is chosen by the consumer contains 3 TVs. How much in tax revenue is the government raising from this consumer? d. If the government replaced the tax on TVs with a lump sum tax that does not alter any prices but raises the same amount of revenue from the consumer, how would this change the consumer's budget line equation?
What will be an ideal response?
The Austrian school of economists stressed on the efficiency of the markets on the pretext that:
a. resources could be efficiently allocated through price system and free markets. b. governmental intervention was necessary for the efficient allocation of resources. c. the price charged under the free market system was always lower than under central planning. d. the market had never failed earlier. e. the market did not suffer from imperfect information.
Which of the following factors has the most quantitative importance on the oversimplified multiplier formula?
a. it ignores variable imports b. it ignores price-level changes c. it ignores income taxes d. All of these equally affect the oversimplified multiplier formula
Figure 6.2 illustrates a change in the price of soup. From the graph, we can conclude that:
A. the price of soup has increased and soup is a Giffen good.
B. the price of soup has fallen and soup is a Giffen good.
C. the price of soup has fallen and soup is a normal good.
D. the price of soup has fallen and bread is a Giffen good.