Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point A to Point D. This could be explained by
A. an increase in economic growth.
B. a change in society's preferences for motorcycles versus hybrid cars.
C. a reduction in unemployment.
D. an improvement in technology.
Answer: B
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The ability-to-pay principle claims that a person should pay taxes according to
a. the level of public education that the person has received throughout his lifetime. b. how many government services that person will receive. c. how well that person can shoulder the tax burden. d. the level of debt that the person has.
A firm in a perfectly competitive industry faces the following cost and revenue conditions: ATC = $6; AVC = $3; MR = MC = $5. The firm is
A. earning economic profits. B. in a position in which it should shut down. C. experiencing economic losses. D. experiencing zero profits.
During 2008, Swaziland had a real GDP growth rate of 1.8 percent and a real GDP growth rate per person of -1.3 percent. These rates indicate that in Swaziland
A) the population grew at a faster rate than real GDP. B) real GDP grew more rapidly than did the population. C) there was an error when calculating the growth rates because the growth rate of real GDP per person cannot be negative. D) poverty levels are declining. E) the population growth rate was negative.
The Social Security system works exactly like any private retirement trust system
a. True b. False Indicate whether the statement is true or false