The Gallatin Plan (1808) was not passed because some individuals questioned its constitutionality
Indicate whether the statement is true or false
True
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Money serves the following function(s):
(a) Medium of exchange (b) Store of value (c) Unit of account (d) All of the above
The price of a ride on the Washington, D.C. metro depends on the time of day you ride. This is an example of
a. exploitation. b. inefficiency. c. political interference with a market. d. pricing to spread out demand.
The administrative, enforcement, and compliance costs of collecting taxes in the United States sum to
a. between 1 and 2 percent of the revenues collected. b. between 5 and 6 percent of the revenues collected. c. between 12 and 15 percent of the revenues collected. d. more than half of the revenues collected.
Suppose that a worker in Boatland can produce either 5 units of wheat or 25 units of fish per year, and a worker in Farmland can produce either 25 units of wheat or 5 units of fish per year. There are 30 workers in each country. No trade occurs between the two countries. Boatland produces and consumes 75 units of wheat and 375 units of fish per year while Farmland produces and consumes 375 units
of wheat and 75 units of fish per year. If trade were to occur, Boatland would trade 90 units of fish to Farmland in exchange for 80 units of wheat. If Boatland now completely specializes in fish production, how many units of fish could it now consume along with the 80 units of imported wheat? a. 490 units b. 500 units c. 610 units d. 660 units