Which of the programs below would not transfer wealth from young to old generations?
a. Taxes are reduced as a result of cutting expenditures on education.
b. Taxes are raised to improve government infrastructure such as roads and bridges.
c. Taxes are raised to provide more generous Social Security benefits.
d. Taxes are raised to provide more generous Medicare benefits.
b
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If Tom and Di specialize in producing the goods in which he and she have a comparative advantage and they exchange goods, then ________
A) each will produce a combination of goods that is within her/his production possibility frontier B) they will lose because they are no longer able to produce and consume both goods C) each will gain because each can consume a combination of goods that is outside her/his production possibility frontier D) one of them will gain and the other will lose
Explain what the profit-maximizing combination of resources is for the perfectly competitive firm
What will be an ideal response?
A country has a comparative advantage when the opportunity cost of producing a good in terms of:
a. the monetary value of other forgone goods is lower than that of other nations. b. the monetary value of other forgone goods is greater than that of other nations. c. forgone output of other goods is higher than that of other nations. d. forgone output of other goods is lower than that of other nations. e. forgone output of other goods is equal to that of other nations.
The Reagan tax cuts of the 1980s
A. had not impact on the budget deficit. B. decreased the budget deficit. C. increased the budget deficit. D. initially decreased the deficit but later increased it.