The Case in Point on the Simpsons indicated that even fictional characters face:
A) diminishing marginal product.
B) opportunity costs.
C) the fallacy of false cause.
D) positive statements.
Ans: B) opportunity costs.
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Consider a $4 excise tax that has been levied on suppliers of automobile tires. Legislators, in the interest of fairness, change the law so that the tax is evenly split between suppliers and demanders, with each group legally required to pay $2 per tire. In this situation, we can predict that
a. suppliers will be made better off and demanders will be made worse off. b. the change will have no economic effect on suppliers and demanders. c. demanders will "pass back" their share of the tax to the suppliers, so that suppliers continue to pay $4 per tire. d. the economic incidence of the tax will be evenly split between suppliers and demanders.
Based on the graph for saving incentives, a tax law change encouraging saving would ______.
a. create a higher equilibrium quantity of loanable funds exchanged
b. create a lower equilibrium quantity of loanable funds exchanged
c. have no influence on the equilibrium quantity of loanable funds exchanged
d. drive the equilibrium quantity of loanable funds exchanged to zero
At which point is society producing the most output possible with the available resources and technology? (See Figure 1.1.)
A. A. B. B. C. C. D. D.
Which of the following aspects of global change benefitted people at the higher end of the income scale in the U.S?
A. The increase in U.S. imports from the rest of the world B. The increase in the level of foreign investment in the U.S. C. The movement of global capital D. The fall in global oil prices