Taxes paid by companies on profits are corporate income taxes
a. True
b. False
Indicate whether the statement is true or false
True
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Ceteris paribus, if consumer tastes change so that more people are eating broccoli, then what will happen to the market equilibrium for cabbage, a substitute good for broccoli?
A. Price will increase, and quantity will increase. B. Price will decrease, and quantity will decrease. C. Price will decrease, and quantity will increase. D. Price will increase, and quantity will decrease.
Assume All Things Snowy sells snow blowers. Currently, All Things Snowy is running 'low' on inventory of snow blowers. Looking ahead to next week, a 'blizzard' for the local market is being predicted. Based on this information, which of the following is most likely to happen?
a) The D for snow blowers will shift to the left. b) The D for snow blowers will shift to the right. c) All Things Snowy will try to have additional snow blowers shipped overnight (or asap) by the manufacturer to meet the increased D. d) All Things Snowy will offer their remaining snow blowers to customers at a lower P than before. e) B and C.
From an ethical standpoint, the plantation owners of the South typically saw the system of slavery as
(a) basically superior to the wage-labor system of the North. (b) basically inferior to the wage-labor system and only likely to exist temporarily. (c) basically equal to the wage-labor system but more profitable. (d) not needing a moral justification because slavery had been accepted without question throughout most of human history.
Because government bodies have the power to impose limits on how much of a resource is consumed:
A. it can be efficiency enhancing in markets for common resources. B. it will always cause deadweight loss. C. they decide what is the "right" amount for the public to consume. D. they will often correct a market before testing the effectiveness of social norms to correct the problem.