Economists generally agree that the most important tax in the U.S. economy is the
a. income tax.
b. tax on labor.
c. inheritance or death tax.
d. tax on corporate profits.
b
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Price cap regulation is regulation that
A) is a marginal cost pricing rule. B) is an average cost pricing rule. C) imposes a price ceiling on the regulated firm. D) has the same incentive effects as does rate of return regulation. E) is the same as allowing the firm to operate as if it was totally unregulated.
In the above figure, the total cost curve is curve
A) A. B) B. C) C. D) none of the curves in the figure.
A deliberate change in the government's deficit
A) constitutes discretionary fiscal policy. B) leads to automatic stabilization. C) acts as a drag on the economy. D) is implemented by the Fed.
The primary benefits derived from tariffs usually accrue to the
a. domestic consumers of goods protected by the tariffs. b. foreign producers of goods protected by the tariffs. c. domestic producers of export goods. d. domestic suppliers of goods protected by the tariffs.