Which of the following was one of the main rules in the 1990 "Budget Enforcement Act"?
A) flat tax rate
B) PAYGO rule
C) indexation of income tax brackets
D) consumption tax
E) none of the above
B
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Which of the following statements is false?
A) Trade-offs do not apply when the consumers purchase a product for which there is excess supply, such as a stock clearance sale. B) Anytime you have to decide which action to take you are facing an economic trade-off. C) Economics is a social science that studies the trade-offs we are forced to make because of scarcity. D) Every individual, no matter how rich or poor, is faced with making trade-offs.
In the case of a small country, consumer surplus
A) decreases less with a tariff than with an equivalent quota. B) decreases less with a quota than with an equivalent tariff. C) is not changed by tariffs or quotas. D) decreases the same with tariffs and equivalent quotas. E) increases more with quotas.
Refer to the table below. If the profit for each unit of paper product is $3.00 and the profit for each unit of lumber is $13.50, what is Big Oaks' marginal cost of producing between points C and D on their production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $7.50
B) $2.50
C) $3.75
D) $9.25
A monopoly creates a deadweight loss to society because it earns both short-run and long-run positive economic profits
a. True b. False Indicate whether the statement is true or false