Which of the following is a normative question?
A. Why do gasoline prices increase between Memorial Day and Labor Day?
B. What will happen to gasoline consumption if the federal tax on gasoline is eliminated?
C. How will oil exploration be affected if the government subsidizes oil producers?
D. To reduce the regressive nature of the gasoline excise tax, should the portion of the gasoline excise tax paid by high-income individuals be increased?
Answer: D
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If a country wants to keep a foreign currency overvalued against the domestic currency:
A) it will buy both the foreign and domestic currency. B) it will sell both the foreign and domestic currency. C) it will buy the domestic currency and sell the foreign currency. D) it will buy the foreign currency and sell the domestic currency.
Which of the following is most likely an inferior good?
a. an antique car b. gasoline c. a bus ticket d. an airline ticket
Microprocessors have become faster and faster since their invention in 1971, with their performance approximately doubling every 18-24 months. This trend of improvement has become known as
A. the Intel effect. B. information clustering. C. Gates's law. D. Moore's law.
Production is efficient when
A) it generates a point beyond the production possibility curve. B) the maximum output possible is being produced given current levels of resources and technology. C) technological change occurs. D) the maximum amounts of the most important good are produced.