Which of the following is NOT a transfer payment?
A) Medicare
B) Social Security retirement payments
C) Social Security disability payments
D) spending on national defense
D
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If an excise tax reduces economic surplus why does the government impose the tax?
A. The marginal benefits of programs funded by the tax is worth the marginal cost. B. The opportunity cost of having the tax is higher. C. Tax revenue is scarce and the government needs to tax the right goods. D. The government needs the money to get out of debt.
Refer to Table 11.1. What is the value of GDP?
A) $7,450. B) $7,250. C) $7,150. D) $7,350.
A stockholder who owns 1,000 shares of the corporation’s 100,000 shares is entitled to what percentage of the vote in an election of corporate officers?
A. 1 percent B. 2 percent C. 5 percent D. 10 percent
Under the law of supply, any decrease in price will cause ________ in quantity supplied
a. an increase b. no change c. a decrease d. constant change