Government lotteries are:
A. used by a large number of states to supplement their tax revenues.
B. illegal in the United States but are a common source of revenue in other countries.
C. used by local governments, but not by state governments.
D. a form of progressive taxation.
Answer: A
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Answer the following statement(s) true (T) or false (F)
1. A drafted army can be unnecessarily costly in two ways: it can be the wrong size or it can consist of the wrong people. 2. A draft is better for society because it is less costly than a volunteer army. 3. The Fabian argument that confiscation of rents would not lower social welfare overlooks the costs of resource misallocation. 4. The use of signals in an economy is both individually rational and socially efficient. 5. Because of adverse selection, no good used cars ever change hands.
Use the following table to answer the next question. The money supply and investment are in billions.Money Supply (billions of dollars)Interest RateInvestment (billions of dollars)$507%$100606110705120804130903140Assume that the MPC is 0.9 and the reserve requirement is 0.2. If the Federal Reserve needs to decrease aggregate demand by $100 billion at each price level to move the economy back to full employment and the current interest rate is 4%, then the Federal Reserve should ________ bonds on the open market equal to ________.
A. sell, $2 billion B. sell, $4 billion C. buy, $2 billion D. buy, $4 billion
If grocery stores were legally required to charge a 10-cent fee for disposable grocery bags, who would bear the largest burden of this fee?
What will be an ideal response?
Which of the following terms of trade would enable the two countries illustrated in Figure 35.1 to trade with each other and increase consumption possibilities?
A. 3 DVD players per motorcycle. B. 1/3 of a DVD player per motorcycle. C. 3/4 of a DVD player per motorcycle. D. 4 DVD players per motorcycle.