The Widgetville County Wolfpack has won 90 percent of their last 20 games played under a full moon. This means:
A. the weather affects how they play.
B. there is a positive correlation between their play and the occurrence of a full moon.
C. that full moons cause the team to play better.
D. that causation can be found between the two events.
B. there is a positive correlation between their play and the occurrence of a full moon.
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The balance of payments is zero
A) as an accounting identity. B) because market forces ensure that this is so. C) only if the current account balance is zero. D) only if the capital account balance is zero.
Suppose that the demand for picture frames is highly inelastic, and the supply of picture frames is highly elastic. A tax of $1 per frame levied on picture frames will increase the price paid by buyers of picture frames by
a. less than $0.50. b. $0.50. c. between $0.50 and $1. d. $1.
Production possibilities curves for large economies are generally bow-shaped because:
A. opportunity costs tend to decrease with increases in production. B. specialization gives some producers a comparative advantage. C. opportunity costs tend to increase with increases in production. D. as more resources are used to produce a good, those resources become less expensive.
The excise tax on gasoline is based on the ability-to-pay principle of taxation.
Indicate whether this statement is true or false.