Throughout history, governments have used price controls to
a. protect buyers.
b. protect sellers.
c. serve the "public interest."
d. All of the above are correct.
d
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The Boskin Commission concluded that the CPI overstates increases in the cost of living by ________ percentage point(s) per year
A) Less than 1 B) 1 to 2 C) About 3 D) Over 4
Items subtracted from tax liability are called _____
a. tax credits b. tax deductions c. tax exemptions d. tax exclusions
James has a comparative advantage in the production of corn, while Harry has a comparative advantage in the production of bread. If James and Harry decide to trade with each other, _____
a. both Harry and James will enjoy gains from trade b. only Harry will enjoy gains from trade c. only Harry will suffer losses from trade d. only James will suffer loses from trade e. neither of them will gain from trade
"Budget deficits are inflationary." The truth of this statement depends on
a. aggregate demand in the economy. b. the shape of the aggregate supply curve. c. the size of the national debt. d. existing debt as a percentage of GDP.