The GATT is
A) an international treaty.
B) an international U.N. agency.
C) an international IMF agency.
D) a U.S. government agency.
E) a collection of tariffs.
A
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How would the market for coffee be affected if the government charged an excise tax of $1.00 on each unit of coffee sold?
A) There would be a shortage of coffee. B) The demand for coffee would increase. C) The demand for coffee would decrease. D) The supply curve would shift up vertically by $1.00.
If the price effect outweighs the quantity effect, then a tax:
A. increase will raise revenue. B. decrease will raise revenue. C. increase will lower revenue. D. increase will not change revenue.
Government outlays and government expenditures mean the same thing
a. True b. False
When the government deregulates a product or service, what happens to it?
(A) Some government regulations over the industry are eliminated. (B) Government control over the industry is stopped. (C) The product or service is available to more people. (D) The product or service becomes cheaper.