The International Monetary Fund is an organization that operates under the supervision of the Treasury of the U.S. Government
Indicate whether the statement is true or false
F
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A tax is imposed on the sale of a product. As long as neither the supply nor the demand is perfectly elastic or inelastic
A) there is no change in the price paid by the consumers. B) the price paid by the consumers increases by the full amount of the tax. C) the price paid by the consumers increases by less than the amount of the tax. D) the price paid by the consumers increases by more than the amount of the tax.
John has an economics test tomorrow. He must study and has planned the rest of his day so that he can fit some study time in. He has decided to go to the gym and then study for several hours. Which of the following statements is TRUE?
A) John did not use the economic way of thinking because his decision on how to allocate his time did not involve money. B) John's decision on how to allocate his time is inconsistent with the rationality assumption since he has decided to go to the gym. C) John's decision on how to allocate his time is consistent with the rationality assumption since the decision is intended to make him better off. D) John's decision does not involve his pursuit of self-interest.
The government can both set the efficient level of output in a market and maximize surplus by correcting for a negative externality by using:
A. a tariff. B. a subsidy. C. a tradable allowance. D. a quota.
The underground economy includes
A. babysitters paid in cash. B. landscapers. C. self-employed workers. D. babysitters on a payroll.