A tariff on a product
a. is a direct quantitative restriction on the amount of a good that can be imported.
b. increases the domestic quantity supplied.
c. increases domestic consumer surplus.
d. All of the above are correct.
b
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What type of consumer goods are most affected by the business cycle: durable goods or nondurable goods? Why?
What will be an ideal response?
Under current tax law individuals do not pay taxes on health insurance benefits they receive from their employers. As a result
A) the quality of health care provided is less than it would be if benefits were taxed. B) politicians are encouraged to raise income and payroll taxes. C) individuals are encouraged to want generous health coverage that reduces their incentives to cut costs. D) the federal government spends more than it receives in tax revenue.
In 1973, the U.S. experienced a decline in output and high inflation
a. True b. False Indicate whether the statement is true or false
A structure that combines limited liability with the pass through taxation benefits of a partnership; the bumper of shareholders is not restricted nor is members participation in management
What will be an ideal response?