Refer to Figure 2-4. Consider the following events:
a. an increase in the patent protection period to 75 years
b. a hurricane that destroys a substantial portion of a nation's capital stock
c. the implementation of a secure and enforceable property rights system
Which of the events listed above could cause a movement from W to Z?
A) a, b, and c B) a only C) a and c only D) a and b only E) b and c only
C
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Consider the following data that describe the relationship between income and a tax.IncomeTaxes$20,000$3,40016,0003,00012,0002,4008,0001,6004,000800The tax may be best described as
A. proportional at lower income levels and progressive at higher income levels. B. proportional at lower income levels and regressive at higher income levels. C. regressive at lower income levels and proportional at higher income levels. D. regressive at lower income levels and progressive at higher income levels.
The term ceteris paribus means
A) the greatest good for all. B) the study of scarcity and choice. C) all other things remaining constant or equal. D) value-free and testable.
In the U.S., the Revolutionary War (1775-1781) was immediately followed by an increase in:
a. trade. b. inflation. c. real per capita income. d. slave imports.
The law of supply describes the:
A. inverse relationship between price and quantity supplied. B. direct relationship between price and quantity supplied. C. inverse relationship between income and quantity supplied. D. direct relationship between income and quantity supplied.