Which one of the following is not a major source of funds for the U.S. federal government?
A. Borrowing
B. General sales taxes
C. Payroll taxes
D. Proprietary income
Answer: B
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When faced with an economic loss, a competitive firm will shut down its operations in the short run
a. True b. False Indicate whether the statement is true or false
Use the following table to answer the next question. The base year is 2007. YearHot DogsBaseballsBottles of Beer?PriceQuantityPriceQuantityPriceQuantity2005$2.50100$2.5050$1.0010020064.001005.001002.0015020075.001005.001002.0020020088.001508.002004.00200200910.0020010.002004.00250Compared to the base year, the rate of inflation for the year 2009 is
A. 80%. B. 10.5%. C. 22.5%. D. 100%.
Assume the standard trade model with two countries (Alpha and Beta), two goods (food and drink), and two factors of production (land and labor). Further assume that Alpha is relatively labor-abundant and drink is relatively labor-intensive. Which of the following is most likely to happen in the short run following the opening of free trade between the countries?
A. All workers in both countries will gain while all the land owners in both countries will lose. B. The workers and landowners in the food industry in Beta will gain while the workers and the landowners in the drink industry will lose. C. All workers in both countries will lose while all the land owners in both countries will gain. D. The workers and the landowners in the food industry in Alpha will gain while the workers and the landowners in the drink industry will lose.
If the inverse demand curve a monopoly faces is p = 100 - 2Q, MC is constant at 16, and the government imposes an $8 per unit specific tax on the monopoly, the deadweight loss due to both the monopoly and the tax is
A) $529. B) $1332. C) $1764. D) $441.