In the early days of the labor movement, there was a struggle between two groups. What did these two groups want?
A. One group wanted better wages, hours and working conditions and the other wanted a universal 8-hour day and the elimination of the wage system.
B. One group wanted a universal 8-hour day and the elimination of the wage system and the other wanted to establish government ownership of the means of production.
C. One group wanted to establish government ownership of the means of production and the other wanted to abolish factories and provide every family with 160 acres of land.
D. One group wanted to abolish factories and provide every family with 160 acres of land and the other wanted better wages, hours, and working conditions.
A. One group wanted better wages, hours and working conditions and the other wanted a universal 8-hour day and the elimination of the wage system.
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The idea behind a flat tax is to _____
a. cut taxes on high-income taxpayers b. to raise taxes on high-income taxpayers c. increase progressivity d. minimize the excess burden of the income tax
In general, price controls have a:
A. larger effect in the long run because demand and supply become more elastic over time. B. larger effect in the short run since demand and supply become more elastic over time. C. smaller effect in the long run since demand and supply become less elastic over time. D. smaller effect in the short run because demand and supply become less elastic over time.
The practice of imposing import restrictions to protect a newly developing domestic economy typically results in:
a. a rapid improvement in the standard of living. b. expanded trade relations with other nations. c. lower prices of domestic products. d. allocation of resources away from the primary products. e. greater cost efficiency in domestic production.
When per capita real GDP is increasing, real output is growing:
A. more rapidly than prices. B. more rapidly than population. C. less rapidly than prices. D. less rapidly than population.