Which of the following is a primary function of money?
A) to serve as a unit of account
B) to serve as an encouragement to work
C) to reduce the burden of excessive imports
D) to raise funds for the government
A
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A tariff is a tax
A) on an exported good. B) on an imported good. C) imposed on all traded goods. D) imposed on people's income. E) imposed on the difference between the value of the goods a firm imports and the value of the goods it exports.
The Laffer curve illustrates the concept that
a. an increase in marginal tax rates will always cause tax revenues to increase. b. an increase in marginal tax rates will always cause tax revenues to decrease. c. when marginal tax rates are quite high, a decrease in the tax rate may cause tax revenues to increase. d. when marginal taxes are quite low, an increase in the tax rate will probably cause tax revenues to decline.
Discrimination that occurs because the discriminator dislikes another person's gender, race, or some other personal characteristic is known as
A) taste-based discrimination. B) indirect discrimination. C) justifying discrimination. D) statistical discrimination.
The Acme Company is a perfect competitor in its input markets and its output market. Its average product of labor is at its maximum and equals 30. The marginal revenue product of labor is $300. The price of its output
A) is $0.10. B) is $10. C) is $9,000. D) cannot be determined without more information.