Which is included in GDP?
A. Bread for a restaurant.
B. Used autos purchased by consumers.
C. Social Security payments.
D. Telephone service for a home.
Answer: D
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The welfare cost of taxation _____
a. occurs because individuals try to avoid the tax to some degree b. is not the same thing as the excess burden of taxation c. occurs because individuals refuse to pay the tax d. cannot, in theory, be calculated
If a straight line crosses the Y-axis at 5 and crosses the X-axis at 10, we can conclude that the slope of the line is
A) positive. B) negative. C) zero. D) infinity.
The federal government's role in providing aid to the poor and the aged is justified because of concerns about
A. Market power. B. Macro failure. C. Inequity. D. Restricted supply.
Which of the following is a normative economic statement?
A) The price of milk is too high. B) The current high price of milk is the result of reduced worldwide supply. C) When the price of milk rises, the quantity of milk purchased falls. D) When the price of milk rises, the cost of milk-based products rises.