One advantage of fiscal federalism is that its decentralized nature _____
a. allows for more rigid rules
b. gives voters more choice
c. creates thousands of bureaucracies
d. forces local governments to collude with one another
b
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Suppose the Chicago Bears football team raises ticket prices by 13 percent and as a result the quantity of tickets demanded decreases by 21 percent. This response means that the demand for Bears tickets is
A) inelastic. B) elastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.
According to the graph shown, if the economy opens itself to free trade, it will become a:
This graph demonstrates the domestic demand and supply for a good, as well as a quota and the world price
for that good.
A. net exporter.
B. net importer.
C. autarky.
D. quota rent seeker.
Leo works in a Mercedes Benz factory in Alabama. He is then transferred to Mercedes's plant in South Africa. When does the value of Leo's work for Mercedes contribute to U.S. GDP? a. The value of his work does not contribute to U.S. GDP, since Mercedes Benz is a German company. b. The value of his work always contributes to U.S. GDP because Leo is a U.S. citizen
c. The value of his work contributes to U.S. GDP when he works in the Alabama plant. d. The value of his work contributes to U.S. GDP only for Mercedes Benz vehicles sold in the U.S. market.
For which of the following goods are consumers likely to have the most elastic demand?
A. clothing B. sweaters C. wool sweaters D. purple wool sweaters