A basic contention of supply-side economists is that we should reduce the regulation of the production process.
Answer the following statement true (T) or false (F)
True
By reducing regulation, the government reduces costs of production borne by businesses, shifting the AS curve to the right.
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Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Which of the following is true? The opportunity cost of:
A. 1 iPod in Country A is 2 tablets. B. 1 tablet in Country A is 2 iPods. C. tablets is lower in Country A than Country B. D. 1 iPod in Country B is 2 tablets.
A lump-sum tax:
A. takes the same percentage of taxes from income from all taxpayers. B. requires those with low incomes to pay a smaller percentage of their income than high-income people. C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers. D. taxes everyone the same amount, regardless of their income.
Who from among the following would be classified as unemployed?
A. Sarah Lopez, a retired public school teacher B. Jack Little, a 21 year old new college graduate actively looking for his first job C. Brenda Smith, an 18 year old full-time college student D. Mario Faubert, a NHL hockey player at home sick with the flu
Which of these is not a result of sugar quotas imposed by the United States?
A. Domestic sugar prices decreased. B. U.S. sugarcane and beet farmers have benefitted. C. Some U.S. soda and candy producers have moved their plants outside of the United States. D. The number of lost domestic jobs in sugar-dependent industries is greater than those saved in the sugar industry.