In the real world, lump-sum taxes are:
A. rarely used.
B. commonly used.
C. applied only to the wealthy in the U.S.
D. very common in non-western nations.
A. rarely used.
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Society can produce at a point outside the production possibilities frontier, but only if it is using all of its resources efficiently.
Answer the following statement true (T) or false (F)
When a reward might not occur, economists incorporate the uncertainty by multiplying the reward by a:
A) positive factor more than 1. B) positive factor less than 1. C) negative factor more than -1. D) negative factor less than -1.
One potential weakness of the coordination failure model as an explanation of business cycles is that
A) evidence supporting intertemporal substitution as an important determinant of labor supply is weak. B) evidence supporting the existence of increasing returns at the aggregate level is weak. C) it fails to explain several of the key business cycle regularities. D) it requires that consumers not behave in a rational manner.
If American consumers decided to boycott grapes to protest working conditions of farm workers, everything else being equal, the: a. price of grapes will rise
b. supply of grapes will fall. c. quantity of grapes supplied will fall. d. demand curve for grapes shifts to the right.