One of the key income tax topics debated during the 2008 Presidential election was whether the
A. 1986 tax increases should be repealed in 2011.
B. Iraqi oil revenues should be taxed by the U.S. to provide care for disabled Iraqi War veterans.
C. 2003 tax cuts should be allowed to expire in 2011.
D. national sales tax should be abolished and replaced with a single income tax rate of 21%.
Answer: C
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When government levies pollution taxes on sellers to eliminate the inefficiency from the cost of pollution, the result is
A) a lower price. B) a smaller quantity produced. C) a smaller cost of production. D) a rightward shift of the supply curve. E) leftward shifts of the supply and demand curves.
A plant uses machinery and waste water to produce steel. The owner of the plant wants to maintain an output of 10,000 tons a day, even though the government has just imposed a $100 per gallon tax on using waste water
The reduction in the amount of waste water that results from the imposition of this tax depends on A) the amount of waste water used before the tax was imposed. B) the cost to the firm of using waste water before the tax was put in place. C) the rental rate of machinery. D) the marginal product of waste water only. E) the ratio of the marginal product of waste water to the marginal product of machinery.
According to the real business cycle theory, business cycle contractions are generally caused by
A) the self-interest of politicians. B) decreases in business investment. C) decreases in the growth rate of the money supply. D) decreases in the economy's capacity to produce. E) all of the above
________: when one nation can produce goods more cheaply than another nation
Fill in the blank(s) with correct word