Elizabeth is the owner of a small business, and she is 35 years old. She doesn't smoke cigarettes, and she often spends her weekends with her family camping at the local state park. According to public choice theory, which of the following four politicians for a public office would Elizabeth be most likely to vote for in the upcoming election?
a. Politician A proposes increasing the tax on small businesses and using the money to provide additional benefits for the elderly.
b. Politician B proposes increasing the tax on small businesses and using the money to improve the camping facilities at the state park.
c. Politician C proposes increasing the excise tax on cigarettes and using the money to improve the camping facilities at the state park.
d. Politician D proposes increasing the excise tax on cigarettes and using the money to provide additional benefits for the elderly.
C
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With respect to the market clearing price and the equilibrium quantity of good X, increases in the demand for and the supply of good X will definitely
A) increase the market clearing price of good X but have an uncertain impact on the equilibrium quantity of X. B) reduce the market clearing price and the equilibrium quantity of good X. C) increase the market clearing price and the equilibrium quantity of good X. D) increase the equilibrium quantity of good X but have an uncertain impact on the market clearing price of X.
Suppose u = unemployed and seeking work; e = those employed; and nlf = those in the population but not in the labor force. According to the BLS, the unemployment rate is
a. u/(e + nlf) b. u/e c. u/(u + e) d. u/(e + nlf) e. u/(u + e - nlf)
Comparative advantage refers to a country's:
A. Ability to produce a specific good with fewer resources than another country. B. Monopoly power in the world market for a specific good. C. Ability to sell a specific good for a higher price than another country. D. Ability to produce a specific good at a lower opportunity cost than another country.
Aggregate supply can be thought of as
A. a fixed amount of output. B. unrelated to the price level. C. a schedule of output at different price levels. D. the volume of goods at the ends of the production possibilities curve.