The U.S. distribution system is
A. identical to that of the former Soviet Union.
B. based on a pure socialist economy.
C. determined by a modified version of one dollar, one vote.
D. similar to the fascist 1930's Germany.
C. determined by a modified version of one dollar, one vote.
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If it is difficult to substitute for a good in the short run, but easy in the long run, then
A) the elasticity of demand is more elastic in the short run. B) the elasticity of demand is more elastic in the long run. C) the good is an inferior good. D) elasticity changes along the demand curve.
Raising taxes or increasing transfer payments would reduce total spending
a. True b. False Indicate whether the statement is true or false
Which of the following statements is correct?
a. Equity is more important than efficiency as a goal of the tax system. b. Efficiency is more important than equity as a goal of the tax system. c. Both equity and efficiency are important goals of the tax system. d. Neither equity nor efficiency is an important goal of the tax system.
Suppose that a business incurred implicit costs of $500,000 and explicit costs of $5 million in a specific year. If the firm sold 100,000 units of its output at $50 per unit, its accounting:
A. profits were $100,000 and its economic profits were zero. B. profits were zero and its economic losses were $500,000. C. losses were $500,000 and its economic losses were zero. D. profits were $500,000 and its economic profits were $1 million.