If in a certain year the indices of prices received and paid by farmers were 115 and 142 respectively, the parity ratio (in percentage terms) would be:
A. 123.
B. 81.
C. 69.
D. 27.
Answer: B
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Trade with the United States during the late 19th and the first half of the 20th century benefited those individuals living in less developed countries by
(a) Boosting their incomes. (b) Restricting markets. (c) Exploiting their resources. (d) Increasing pollution and crime.
The tax incidence
a. is the manner in which the burden of a tax is shared among participants in a market. b. can be shifted to the buyer by imposing the tax on the buyers of a product in a market. c. can be shifted to the seller by imposing the tax on the sellers of a product in a market. d. All of the above are correct.
Today the federal government collects nearly
A. $4 trillion a year in tax revenues. B. $500 billion a year in tax revenues. C. $1 billion a year in tax revenues. D. $1 trillion a year in tax revenues.
For economists, the word "utility" means:
A. versatility and flexibility.
B. rationality.
C. pleasure or satisfaction.
D. purposefulness.