Which of the following statements is most consistent with the benefits-received principle of taxation?
A. A childless couple should not be required to pay taxes for the support of public schools.
B. Prosperous corporations should pay substantial taxes even if they use few government
goods and services.
C. The best tax is the income tax.
D. People with high incomes should pay more taxes than people with low incomes.
Answer: A
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Which statement is true?
A. The monopolist's most efficient output is its most profitable output as well. B. The monopolist charges a higher price than the perfect competitor in the long run. C. All monopolists have control over an essential resource. D. None of these statements are true.
Which of the following is an example of scarcity?
A. Adam has more than enough food to eat each day. B. Benito is wealthy so he has everything he could ever want. C. Camden would like to have more designer clothes than he can afford. D. Dennis takes as many vacations as he would like since he won the lottery.
Three equivalent ways to measure GDP are total ________, total ________, and total ________.
A. profits; production; saving B. production; income; expenditure C. investment; consumption; saving D. expenditure; income; profits
How is a commercial bank different from a savings and loan association?
What will be an ideal response?