State and local tax receipts are dominated by
A) property taxes and state income taxes.
B) state income taxes and sales taxes.
C) property taxes and sales taxes.
D) sales taxes and business taxes.
Answer: C) property taxes and sales taxes.
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If producers have imperfect information about the general price level and sometimes misinterpret changes in the general price level as changes in relative prices, then
A) the short-run aggregate supply curve is vertical. B) the short-run aggregate supply curve slopes upward. C) the aggregate demand curve is vertical. D) the aggregate demand curve is horizontal.
If advertising makes demand of a product less elastic, it makes sense for a firm to
a. Decrease the price of the product b. Increase the price of the product c. Leave the price unchanged d. None of the above
Producers have an incentive to produce those goods most desired by consumers at the lowest price in
A. a centrally planned economy. B. a communist economy. C. a market economy. D. All of the choices are true.
In 2011, a household with an annual income of $23,000 would find itself in the:
A. highest quintile of the household income distribution. B. lowest quintile of the household income distribution. C. second lowest quintile of the household income distribution. D. second highest quintile of the household income distribution.