Unlike business, government can coerce individuals to paying higher prices through taxes
Indicate whether the statement is true or false
True
14 In addition to human devastation, war influences the amount of real output, employment and prices by diverting resources away from private uses.
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Education makes people more receptive to new ideas and methods, which leads to economic development
a. True b. False
Governments like to know the price elasticity of demand because it helps them determine how changes in sales tax rates will affect:
A. tax revenues. B. government spending. C. income. D. profits.
A fiduciary monetary system means
A. that money is legal tender. B. that the currency is backed by implicit faith in government. C. that the value of each currency is determined by the amount of gold held by each nation. D. that money has commodity value.
Which of the following is concerned with social regulation?
A) Federal Reserve Board B) Sherman Commission C) Food and Drug Administration D) Board of Education