Which of the following is not an automatic stabilizer?
A. Personal income tax revenue.
B. Corporate income tax revenue.
C. Unemployment compensation benefits.
D. Property tax revenue.
Answer: D
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In the above figure, for a single-price monopoly the deadweight loss is equal to the area
A) abP1. B) acP2. C) bce. D) bed. E) P1beP3.
Which of the following was a result of the Dodd-Frank Act?
a. restricted bank activities b. established a new consumer protection agency c. tougher regulations for banks d. All of the above
Which of the following is one of the reasons economists sometimes differ in their views on social policy?
A. Different models focus on different aspects of a problem. B. Economists' subjective value judgments tend to be very similar. C. Empirical evidence is so precise that there is little room for different interpretations. D. Most so-called economists have received no formal training.
Which of the following comparisons is true regarding price elasticity of demand?
A. The demand for monthly car payments is less elastic than the demand for a monthly gym membership because the car payments require a greater share of the consumer's income. B. The demand for gasoline a year after a price change is less elastic than the demand for gasoline a week after a price change because consumers have had time to adjust. C. The demand for water is less elastic than the demand for diamonds because water is a necessity but diamonds are a luxury. D. The demand for cough syrup is less elastic than the demand for insulin because there are no close substitutes for insulin.