Which of the following is the best example of a non excludable good?
A. National parks
B. Cable TV
C. Beer
D. Television broadcast over the air
Answer: D
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A payroll tax is also known as a(n) ________ tax
A) excise tax B) corporate income tax C) personal income tax D) social insurance tax
Assume the market for cage-free eggs is perfectly competitive. All else equal, as more farmers choose to produce and sell cage-free eggs, what is likely to happen to the equilibrium price of the eggs and profits of these farmers in the long run?
A) The equilibrium price is likely to remain unchanged and profits are likely to increase. B) The equilibrium price is likely to decrease and profits are likely to decrease. C) The equilibrium price is likely to increase and profits are likely to increase. D) The equilibrium price is likely to increase and profits are likely to remain unchanged.
The rationality assumption says that
A) people do not intentionally make decisions that would leave them worse off. B) people never make decisions that would leave them worse off. C) people do not respond to incentives since incentives require scarce resources. D) all economic analysis must be normative.
Refer to the given data. The United States has a balance of goods:
The following table contains hypothetical data for the 2012 U.S. balance of payments. Answer the question on the basis of this information. All figures are in billions of dollars.
A. deficit of $10 billion.
B. surplus of $30 billion.
C. deficit of $30 billion.
D. surplus of $20 billion.