The trade-off between physical capital and current consumption:
A. is harder for poorer countries than rich ones.
B. is easier for poorer countries than rich ones.
C. involves giving up less current consumption for poor countries, since they have little.
D. involves giving up more current consumption for rich countries, since they have so much.
A. is harder for poorer countries than rich ones.
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The Great Depression of the 1930s, with a large number of workers and factories unemployed, would be represented in a production possibilities frontier graph by
A) a point outside the frontier. B) an intercept on either the vertical or the horizontal axis. C) a point inside the frontier. D) a point on the frontier.
U.S. taxpayers spend many hours during the year maintaining records for tax purposes and preparing their income tax returns. This administrative cost
A) is part of the deadweight loss of taxation. B) is larger for individuals in the lowest income quintile than for individuals in the highest income quintile. C) is equal to the value of consumer surplus associated with the income tax system. D) can be claimed as a deduction on income tax returns.
Monetarists argue that business fluctuations are caused by
A. excessive government spending. B. ups and downs in the growth of the money supply. C. changes in tax rates. D. changes in transfer payments.
Most economists would agree that the national debt should be reduced
A. during both periods of recession and prosperity. B. just during periods of recession. C. just during periods of prosperity. D. never.