In the United States, direct expenditures for governments between 1933 and 1943
A. Trended down for all governments.
B. Trended up for state and local governments and down for the federal government.
C. Trended down for state and local governments and up for the federal government.
D. Trended up for all governments.
Answer: C
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An advantage of a consumption tax over the present tax system is that a consumption tax
a. raises more revenues. b. would save the government millions in administrative costs. c. places more of the tax burden on the wealthy. d. does not discourage saving.
Job rationing occurs when the real wage rate is
A) above the equilibrium wage rate so there is a shortage of labor. B) above the equilibrium wage rate so there is an excess supply of labor. C) equal to the equilibrium wage rate so there is no excess supply of labor. D) below the equilibrium wage rate so there is an excess supply of labor. E) Both answers A and D are correct because whenever the real wage rate is above or below the equilibrium wage rate, there is an excess supply of labor.
Privatizing a commons tends to lead to a faster depletion of the resource
Indicate whether the statement is true or false
A market system works very well in solving some basic problems of the economy but it fails in some cases. Provide examples