Which of the following is NOT included in the measure of M1?
A) NOW accounts
B) demand deposits
C) currency
D) savings deposits
D
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The argument that raising the employment tax leads to more employment is most likely to hold if the
A) labor supply curve has the same slope as labor demand. B) labor supply curve has a steep slope. C) labor demand curve is vertical. D) labor supply curve has a relatively flat slope.
Some enterprising individuals produce and sell alcoholic beverages without collecting or paying legally required taxes. These “moonshiners” often have to hide their production facilities and hire fast driving delivery personnel to avoid various authorities. These moonshiners
A. are taking advantage of obvious loopholes in the tax rules. B. are making the alcohol taxes more regressive by altering who pays the taxes. C. are indicative of the tax’s excess burden even if their actions may reduce excess burden relative to no moonshining. D. are able to avoid the tax burdens on the moonshined alcohol assuming they are not caught and fined by the authorities.
People acting in their own self interest is the basis of the
A) principle of voluntary exchange. B) principle of scarcity. C) real-nominal principle. D) principle of supply and demand.
Answer the following statement(s) true (T) or false (F)
1. Overall, empirical studies fail to support the claim that command-and-control policy is more costly to implement than more flexible approaches. 2. The uniformity of technology-based standards is the characteristic that allows them to achieve cost-effectiveness. 3. According to the cost-effectiveness criterion, trading of SO2 allowances under the CAA should continue as long as MSBabatement>MSCabatement. 4. Because of the dual-control approach, emissions limits tend to be more stringent for newer facilities, creating a bias against building newer, and hence cleaner, facilities. 5. In an allowance market, buyers will purchase allowances as long as the price is higher than their MAC, which results in a cost-effective solution.