One of the major complaints about state lotteries is that they are played primarily by the poor. Hence, because lotteries do not pay out in prizes as much as they take in as revenue, this way of raising state revenue is:
A. progressive.
B. retroactive.
C. regressive.
D. reactionary.
Answer: C
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Which of the following is TRUE about the long-run aggregate supply curve?
A) It is vertical at the level of potential GDP. B) It shows the relationship between the price level and real GDP when the economy is at full employment. C) It does not shift in response to temporary changes in aggregate demand. D) All of the above are true.
Sugar is an input used to produce cereal. Suppose that the price of sugar rises. As a result
A) the supply curve for sugar will shift to the right.
B) the supply curve for sugar will shift to the left.
C) the supply curve for cereal will shift to the right.
D) the supply curve for cereal will shift to the left.
A supermarket running out of bananas is an example of
a. horror b. a shortage c. utilization d. socialism
Which of the following is true of a perfectly competitive firm?
A. The firm is a price maker. B. If the firm wishes to maximize profits it will produce an output level in which marginal revenue exceeds marginal cost. C. The firm will not earn an economic profit in the long run. D. The firm's short-run supply curve is its MC curve below its AVC curve.