A tariff can be defined as a:
a. tax on imports. b. tax on exports.
c. legal limit on imports. d. legal limit on exports.
a
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A short-run macroeconomic equilibrium occurs
A) at the intersection of the short-run aggregate supply curve and the long-run aggregate supply curve. B) at the intersection of the short-run aggregate supply curve and the aggregate demand curve. C) at the intersection of the short-run aggregate supply curve, the long-run aggregate supply curve, and the aggregate demand curve. D) when the rate at which prices of goods and services increase equals the rate at which money wage rates increase.
According to Brinley Thomas, the inflows of immigrants to the U.S. in the late-19th and early 20th centuries
a. caused simultaneous growth surges in the U.S. and Europe. b. caused growth surges in the U.S. to coincide with slowed growth in Europe. c. hampered the growth of both the U.S. and Europe. d. had no systematic impact on growth patterns in the U.S. or Europe.
Prior to the collapse of communism, communist countries worked on the premise that economic well-being could be best attained by
a. a market economy. b. a strong reliance on prices and individuals' self-interests. c. a system of large privately-owned firms. d. the actions of government central planners.
Homer earns $10,000 per year. Each year he spends $5,000 and saves $5,000. He pays a 5 percent sales tax on all of his spending. Assuming the sales tax is the only tax he pays, his average tax rate out of his income is
A) 0 percent. B) 2.5 percent. C) 3.5 percent. D) 5.0 percent.