What is the percentage of income received by the upper quintile on line Y?
30
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Both tariffs and quotas lead to a decrease in imports, a decrease in domestic consumption, and an increase in domestic production
Indicate whether the statement is true or false
A deadweight loss occurs as a result of a per-unit tax because: a. the government spends tax dollars less efficiently than do private citizens
b. there is a decline in output for units for which the marginal benefit exceeds the marginal cost. c. taxes cause an overproduction of output relative to the socially efficient level or production. d. a surplus is created.
Which of the following is true?
a. All types of environmental problems can be solved merely by the enforcement of individual property rights. b. Environmental regulation cannot improve environmental quality. c. Income levels exert little impact on the demand for environmental quality. d. Markets often result in outcomes that are inefficient when it is difficult to assign and enforce property rights.
Budget projections for 2014-2020 indicate both higher levels of government spending and large budget deficits. According to the Keynesian view, this will lead to
a. an increase in aggregate supply during that decade. b. weak aggregate demand and a continuation of recessionary conditions. c. an increase in aggregate demand and real output. d. higher interest rates and taxes that will retard future growth.