How do taxation and user charges compare as government revenue sources?
A) Each generates about the same amount of government revenue.
B) Revenues from taxation are much greater than revenues from user charges.
C) User charges generate much more revenue than do taxes.
D) We don't know because the government does not publish revenue figures broken down.
B
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In a perfectly competitive industry, an individual firm faces
A) a perfectly inelastic labor supply curve. B) a perfectly vertical labor supply curve. C) a perfectly elastic labor supply curve. D) none of the above.
The idea of time inconsistency:
A. explains how it can be rational for someone to say he's going to eat a salad for dinner each night this week and end up eating pizza four out of five nights instead. B. explains how it can be rational for someone to pay more for something on his credit card than if he were to pay cash for the same thing. C. explains why people refuse to ignore only some sunk costs. D. Time inconsistency doesn't explain any of these behaviors.
In the former Soviet Union most of the farmland was in the form of _____________________.
Fill in the blank(s) with the appropriate word(s).
Why is fiscal policy less effective in an open economy than in a closed economy?
a. Expansionary fiscal policy raises demand for imports, which reduces aggregate demand.
b. Expansionary fiscal policy raises interest rates, which raises the value of the currency, and reduces aggregate demand.
c. Expansionary fiscal policy raises the value of the currency, which reduces demand for exports.
d. Expansionary fiscal policy has all the above effects.