In which of the given market situations will the efficiency loss of an excise tax be the greatest?
A. 4.
B. 3.
C. 1.
D. 2.
A. 4.
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The question "How are goods and services produced?" most closely addresses which of the following issues?
A) Should Ford build SUVs or luxury cars? B) Should Ford use expensive industrial robots or inexpensive Mexican autoworkers to produce SUVs? C) Should contractors build residential housing or shopping malls? D) Is income distributed fairly in the United States? E) Why are Christmas trees popular only in December?
A direct relationship occurs when
A) the two variables being compared change in opposite directions, or when one goes up the other goes down. B) a change in one of the variables causes a change in the other variable in any direction. C) the two variables being compared change in the same direction, or when one goes up the other also goes up. D) the two variables have no identifiable relationship with each other.
If we were on Lorenz curve M, the top income quintile receives about _____% of income.
A. 24
B. 40
C. 58
D. 80
Which of the following tools is used to test multiple linear restrictions?
A. t test B. z test C. F test D. Unit root test