Diminishing marginal returns imply that marginal cost is rising.
Answer the following statement true (T) or false (F)
True
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Unanticipated inflation will hurt ________ and help ________
A) pensioners; borrowers B) borrowers; pensioners C) the government; tax payers D) homeowners; banks
If a person is taxed $100 on an income of $1,000 . taxed $200 on an income of $2,000 . and taxed $300 on an income of $3,000 . this person is paying a(n):
a. progressive tax. b. poll tax. c. regressive tax. d. excise tax. e. proportional tax.
When representatives vote on behalf of the people and make choices about the quantity of public goods provided,
a. the outcome is socially efficient b. the outcome is the same as if individuals had purchased the goods on the market c. they reflect the views of all people, not just the voters d. voter surveys lead to too much of the public good being bought e. government failure is a likely result
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price for that good.
As shown in the graph, when a government imposes a quota, the outcome differs from that of a tariff being imposed in that area:
A. G represents quota rents instead of tax revenues. B. F and H are deadweight loss instead of transferred surplus. C. FGH is deadweight loss instead of tax revenues. D. E represents tax revenues instead of transferred surplus.