Which of the following will most likely result from a destruction of half of the Florida orange crop due to a hard freeze?
a. a decrease in the demand for oranges
b. an increase in the supply of oranges
c. an increase in the quantity of oranges bought and sold
d. an increase in the price of oranges
D
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If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve. b. steep (inelastic) demand curve and a flat (elastic) supply curve. c. steep (inelastic) demand curve and steep (inelastic) demand curve. d. flat (elastic) demand curve and a flat (elastic) supply curve.
Which of the following is an example of consumption?
a. The town council of Oak City pays the salaries of its employees. b. The stores in Oak City expand their inventories of goods for sale. c. The residents of Oak City buy thousands of hotdogs over a holiday weekend. d. The manufacturers in Oak City spend millions of dollars on new robotic machines.
Which of the following is an example of a progressive tax?
A. Social Security payroll tax. B. The federal income tax. C. An excise tax. D. A local sales tax.
The financing of a government deficit increases interest rates and, as a result, reduces investment spending. This statement describes:
A. the supply-side effects of fiscal policy. B. built-in stability. C. the crowding-out effect. D. the net export effect.