The most important advantages of bigness will be found in industries that show increasing returns to scale
a. True
b. False
Indicate whether the statement is true or false
True
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If both rich and poor families pay 25 percent of their income in taxes, the tax scheme is ________
A) proportional B) regressive C) negative D) progressive
Which of the following calculations will yield the correct measure of real GDP?
A) divide nominal GDP by the consumer price index B) divide the GDP deflator by the consumer price index C) multiply nominal GDP by the consumer price index D) multiply nominal GDP by the GDP deflator E) none of the above
The producer’s surplus is equal to the difference between how much the seller can charge for a product and how much the consumer is willing to purchase it for.
Answer the following statement true (T) or false (F)
Politically, one reason trade restrictions are common is that
a. the many beneficiaries of free trade each gain a small amount whereas the few losers, lose enough to lobby for restrictions. b. the beneficiaries of free trade collectively gain a small amount whereas the few losers, collectively lose much more. c. the few beneficiaries of free trade each gain a large amount and the many losers, lose enough to lobby for restrictions. d. foreign corporations bribe politicians.