Money ________ transaction costs, allowing people to specialize in what they do best
A) reduces
B) increases
C) enhances
D) eliminates
A
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People who give erroneous explanations of how they themselves perform a particular task, such as tying their shoelaces or setting prices,
A) cannot be performing the task successfully. B) may nonetheless perform the task successfully. C) must be lying. D) would necessarily perform the task more successfully if they understood it correctly.
If the tax base is narrowed through an increase in exemptions, ______ in order to raise the same level of revenue
a. tax rates must be lowered b. tax rates must be raised c. tax expenditures must be increased d. nothing must happen
Good A is a Giffen good. If the price of good A were to suddenly double, the income effect would cause the purchases of good A to increase by
A) more than double. B) exactly double. C) less than double. D) Any of the above are possible. E) none of the above
The financial crises of the 1990s have conclusively proved that globalization causes financial crises
a. True b. False Indicate whether the statement is true or false