Taxes on gasoline and tax rebates for purchasing energy-efficient appliances are alike in that they both
A. have the effect of raising energy prices.
B. are command-and-control approaches.
C. rely on shifting the demand curve for energy to the left.
D. are market-based approaches implemented by the government.
Answer: D
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The official government measure of poverty uses the relative approach to defining poverty
Indicate whether the statement is true or false
The lesson from economic history is that
a. income inequality is a 21st century phenomenon. b. ancient societies represent most egalitarian models. c. inequality and poverty characterized many ancient societies. d. none of the above.
In economics, a firm that makes a zero economic profit is said to be earning a normal profit.
Indicate whether the statement is true or false.
Which phase of the business cycle would be most closely associated with an economic contraction?
A. recession B. peak C. trough D. recovery