When comparing market and public sector decision making, which statement is NOT true?
A. Self-interest is the motivating force in each decision making arena.
B. Collective (political) outcomes and economic outcomes may differ.
C. In both decision making sectors, there are scarcity constraints.
D. In both decision making sectors, majority rule is how things are done.
Answer: D
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The type of tax receipts that has shown the largest growth since the end of World War II has been
A) personal taxes. B) contributions for social insurance. C) taxes on production and imports. D) corporate taxes.
The United States has an absolute advantage in producing T-shirts, but not a comparative advantage, because
A. Labor costs in the production of T-shirts are lower in the United States than in other countries. B. The United States uses fewer resources to produce T-shirts than another country can C. Another country may have an absolute advantage in producing T-shirts. D. Other countries, such as China, can produce T-shirts at a lower opportunity cost relative to the United States.
Monetary and fiscal policies have little effect on the trade deficit.
Answer the following statement true (T) or false (F)
If e-books begin to be the most popular form of textbooks, it is
A. in the best interests of internet book sellers. B. likely to increase costs to students. C. likely to damage the physical used book market. D. the worst possible outcome for publishers and authors.