Which of the following is NOT related to the government's political function of income redistribution?
A) providing money transfer payments
B) excise tax on gasoline
C) Social Security
D) in-kind transfers
Ans: B) excise tax on gasoline
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Which of the following is an example of price discrimination?
a. Seniors paying a lower price for tickets at movie theatres b. Students paying discounted rates on travel c. Tourists paying higher prices on local attractions than locals d. All of the above
An increase in the price level will: a. make the consumption function flatter. b. make the consumption function steeper
c. increase consumption because wages will increase. d. decrease consumption because falling interest rates make it cheaper to borrow. e. decrease consumption because the value of net wealth will decrease.
Between which pair of countries or continents listed below has real GDP per person converged the most since 1960?
A) Canada and Japan B) United States and Africa C) United States and South America D) Canada and South America
The productivity of the employees of a bakery is reduced because of the excessive noise coming from a next door car repair shop. This is an example of
A) synergy. B) a positive externality. C) a negative externality. D) happy coexistence.