If Sally purchases a particular compact disk, it is because the opportunity cost is higher than it would be for any other compact disk
a. True
b. False
B
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Which of the following is an example of an organization using marginal analysis? a. A hotel manager calculating the average cost per guest for the past year
b. A farmer hoping for rain. c. A government official considering what effect an increase in military goods production will have on the production of consumer goods. d. A business calculating economic profits.
Real GDP equals nominal GDP
a. minus exports. b. corrected for changes in the price level. c. minus personal income taxes. d. minus retail sales taxes.
Why are government welfare programs often called entitlement programs?
A. Because every U.S. citizen, regardless of income, is entitled to receive benefits under these programs. B. Because everyone living in the U.S., whether the person is a citizen or not, is entitled to a minimum level of income. C. Because those who fail a means test are eligible for cash assistance but not in-kind transfers. D. Because people whose income is below a certain level are entitled to government assistance.
The government imposes a luxury tax on automobiles that cost more than $40,000. As a result, fewer individuals purchase cars that cost more than $40,000. This is an example of
A. tax equity. B. tax shifting. C. tax incidence. D. tax evasion.