Individual income tax is the ________ single component of federal revenue.
A. largest
B. second largest
C. smallest
D. least important
Answer: A
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To make child daycare more affordable, government advisors are debating two possible options. Plan A is to give daycare centers a $100 subsidy per month per child. Plan B is to give the parents $100 reduction in taxes per month per child in daycare. Which plan benefits parents more?
a. Plan A because it will increase the supply of childcare and decrease the price. b. Plan B because the $100 goes directly to the parents. c. The plans are equivalent in terms of their impact on the price minus subsidy paid by parents. d. Plan A because the price will fall, while under Plan B the price will rise.
How is economic growth graphically depicted?
A) The long-run aggregate supply curve shifts right. B) Aggregate demand shifts to the right. C) Short-run aggregate supply shifts left. D) The aggregate demand curve shifts to the left.
The early 1980s "Star Wars" space-based defensive weapons system was an example of _____
a. economic warfare b. a military alliance c. negative externality d. undefined property rights
One aspect of prospect theory is that people tend to
A) be very risk averse to large gains. B) be very risk averse to losses. C) love losses more than gains. D) hate gains regardless of potential losses.