Scarcity forces us to choose, and choices are costly because we must give up other opportunities that we value
a. True
b. False
Indicate whether the statement is true or false
True
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If giving to public goods is subsidized through deductions under a progressive income tax, the government subsidizes public goods consumed by higher income individuals at greater rates than public goods consumed by lower income individuals.
Answer the following statement true (T) or false (F)
A tax imposed by a government on imports of a good into a country is called a
A) tariff. B) value added tax. C) sales tax. D) quota.
Refer to Figure 9-2. With the tariff in place, the United States
A) imports 16 million pounds of rice. B) imports 15 million pounds of rice. C) imports 9 million pounds of rice. D) exports 31 million pounds of rice.