Homeowners
a. are subject to double taxation.
b. benefit from several loopholes.
c. have no particular advantages in the tax system.
d. must pay tax on the "income" of living in a house.
b
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The following is not an example of risk aversion
a. you lock your garage when you have expensive workshop tools b. you are more careful when you buy a more expensive car c. Individuals tend to gamble more with their money when the future is uncertain d. you only go swimming when the lifeguard is on duty
Public choice theory assumes that each voter will tend to favor the political candidate who offers: a. programs with the largest social benefits
b. equality of government-provided benefits across all citizens. c. programs that will yield the greatest personal benefits net of personal cost. d. a plan requiring the least amount of tax dollars, regardless of the level of benefits provided.
Suppose the government has enacted policies to influence the amount of good x that is supplied. These policies are most likely to improve the allocation of resources if good x is
a. basic research. b. a congested toll road. c. spinach. d. clothing.
Smith and Jones comprise a two-person economy. Their hourly rates of production are shown in the accompanying table. Calculators Per HourComputers Per HourSmith10010Jones1206 Suppose Smith and Jones begin by producing 100 calculators per hour; as Smith and Jones choose to efficiently produce fewer computers and more calculators, ________ should devote more time to calculators because his ________.
A. Jones; opportunity costs are lower B. Smith; absolute advantage is larger C. Jones; absolute advantage is smaller D. Smith; opportunity costs are lower