Which of the following is an explanation for the existence of trade restrictions?
A) Tariffs generate revenue for the government.
B) rent seeking
C) inefficient quotas
D) Both answers A and B are key explanations.
D
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The figure above shows that the lowest wage rate for which someone is willing to work is
A) $3 an hour. B) $5 an hour. C) $6 an hour. D) $7 an hour. E) $4 an hour.
The value of leisure time is
A) included in GDP and, in recent years, has become an increasing large part of GDP. B) excluded from GDP. C) zero. D) directly included in GDP but, in recent years, has become a decreasing large part of GDP. E) directly included in GDP and, in recent years, has not changed much as a fraction of GDP.
You try to explain the number of IBM shares traded in the stock market per day in 2005. As an independent variable you choose the closing price of the share. This is an example of
A) simultaneous causality. B) invalid inference due to a small sample size. C) sample selection bias since you should analyze more than one stock. D) a situation where homoskedasticity-only standard errors should be used since you only analyze one company.
What are the three categories of the costs of taxes to taxpayers?