Philosophical issues regarding income redistribution deal with all of the following except
A. What is fair?
B. What is and is not possible?
C. What is just?
D. What is the ideal distribution of income?
Answer: B
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Refer to Table 2-12. Guatemala has a comparative advantage in the production of
A) sailboats. B) canoes. C) both products. D) neither product.
The fewer the firms that exist in a market, the: a. less responsive firms are to price changes
b. more responsive firms are to price changes. c. less responsive firms are to supply changes. d. less responsive firms are to demand changes.
If gasoline taxes were significantly increased in the United States, then
a. some of the government regulations that require automakers to produce more fuel-efficient cars would become unnecessary. b. other taxes, such as income taxes, could be lowered. c. it is likely that roads would become safer and the environment would become cleaner. d. All of the above are correct.
Assume no price ceiling exists in a market. Then a price ceiling is established below the market equilibrium. What would result?
a. The exchange price b. Equilibrium c. Shortage d. Surplus