Which of the following would tend to encourage more innovation in the United States?
A. Limits on the immigration of scientists and engineers
B. Restrictions on the risk that venture capital firms can take
C. Stricter enforcement of the patent laws
D. Protection of manufacturing industries through tariffs and trade barriers
Answer: C
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Economic models do not have to completely describe every aspect of the economy in order to be useful
a. True b. False
Beginning in 2013, a local government in Georgia is instituting a tax on owners of land at a flat rate of $100 per acre every year.
i. Explain who gains and loses from the tax. Specifically comment on what happens to the value of the land, who ends up bearing the burden of the tax. ii. If in 100 years the local government decides to repeal the tax, who will gain and who will lose as a result of the repeal? Explain.
When crowding out occurs in an economy, it can reduce expenditures for
A. business investments.
B. both consumer purchases and business investments.
C. consumer purchases.
D. government purchases.
According to Keynes, an individual's level of saving is primarily determined by
A. real Gross Domestic Product (GDP) for the economy. B. the interest rate. C. the individual's expectation about the stock market. D. the individual's current level of real disposable income.