Income taxes are taxes paid on wages and investment income
Indicate whether the statement is true or false
TRUE
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In which of the following market types do all firms sell products so identical that buyers do not care from which firm they buy?
A) perfect competition B) monopolistic competition C) oligopoly D) monopoly E) perfect competition and monopolistic competition
Total utility increases if one more unit of a product is purchased and marginal utility is positive.
Answer the following statement true (T) or false (F)
Because government bodies have the power to impose limits on how much of a resource is consumed:
A. it can be efficiency enhancing in markets for common resources. B. it will always cause deadweight loss. C. they decide what is the "right" amount for the public to consume. D. they will often correct a market before testing the effectiveness of social norms to correct the problem.
Which of the following argued that the Great Depression was caused by monetary factors?
A) Friedman and Schwartz B) Hicks and Hansen C) Modigliani and Friedman D) Lucas and Sargent E) Tobin and Jorgenson