If each taxpayer is obliged to pay the same tax—a fixed sum of money—then the tax is
a. progressive
b. proportional
c. income based
d. poll or head based
e. excise based
D
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Indifference curves intersect at the point of utility maximization
Indicate whether the statement is true or false
When the economy strengthens, following the period of quantitative easing, the Federal Reserve plans to keep a lid on money growth by
A) increasing reserve requirements. B) selling dollars in foreign-exchange markets. C) increasing the interest rate paid on reserves. D) buying dollars in foreign-exchange markets.
An example of a public policy response to a monopoly is:
A. public admonishment. B. encouraging mergers. C. antitrust laws. D. All of these are examples.
If Elizabeth can make 3 pies or bake 6 cakes per hour and Benjamin can make 2 pies or bake 8 cakes per hour, _____.
(A) Benjamin has the comparative advantage in making pies. (B) Elizabeth has the comparative advantage in baking cakes. (C) Benjamin should specialize in making pies. (D) Elizabeth should specialize in making pies.