When the consumer price index falls, the typical family has to spend fewer dollars to maintain the same standard of living
a. True
b. False
Indicate whether the statement is true or false
True
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When evaluating the taxation of dividends in isolation, it is easy to overlook the double taxation of saving
a. True b. False
Free trade means that nations can buy and sell goods from each other
a. unless absolute advantage favors one nation b. without government interference, e.g., tariffs and quotas c. without having to abide by comparative advantage d. and choose their own level of tariffs against each other e. according to their own national quotas
The funds to pay for police protection typically came from taxes because
What will be an ideal response?
Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. By the principle of comparative advantage, Amy should specialize in producing
A. cars. B. cheese. C. both cheese and cars. D. neither cheese nor cars.