The government finances Social Security through
A. state taxes.
B. the sale of goods and services.
C. excise taxes.
D. payroll taxes.
Answer: D
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The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10 and international trade occurs, then according to the table
A) domestic production is higher before trade than after trade. B) the country imports 16 units a day. C) the country imports 6 units a day. D) the country exports 6 units a day. E) the country exports 22 units a day.
The text calls the type of comparative advantage that is not easily changed, such as climate:
A. inherent comparative advantage. B. stable comparative advantage. C. permanent comparative advantage. D. equilibrium comparative advantage.
Direct regulation is inefficient because:
A. it does not take into account that the costs of reducing consumption are the same for all individuals. B. affected firms ignore regulations, for example, by dumping toxic waste illegally. C. it does not take negative externalities into account. D. it does not take into account the fact that the costs of reducing consumption may differ among individuals.
Refer to the scenario above. The nominal GDP of the country in Year 1 was ________
A) $280,000 B) $2,200,000 C) $1,400,000 D) $540,000