"It would be an undue hardship to require people whose income is below $15,000 per year to pay income taxes." This statement reflects which of the following principles for a tax?
A. benefits-received
B. inexpensive-to-collect
C. ability-to-pay
D. fairness of contribution
Answer: C
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The supply and demand for wheat is given by QS = 200 + .2A + p and QD = 500 - p, where p is the price of wheat and A is the amount of rainfall (inches per year). The effect of an incremental increase in rainfall on equilibrium will be
A) a decrease the price of wheat by 10¢. B) a decrease the price of wheat by 20¢. C) an increase in the price of wheat by 20¢. D) an increase in the price of wheat by 10¢.
Which of the following is false? a. A Nash equilibrium can be a dominant strategy
b. A Nash equilibrium maximizes a player's welfare, given the actions of its competitor, while a dominant strategy maximizes a player's welfare, regardless of the behavior of its competitor. c. A Nash equilibrium is just another name for a dominant strategy. d. A Nash equilibrium is a self-enforcing equilibrium.
The idea that nominal wages are slow to adjust to changing economic conditions can explain the ________ slope of the short-run aggregate-supply curve.
a) upward b) downward c) horizontal d) vertical
How does an increase in taxes affect the expenditure schedule?
A. It causes movement to the left along the schedule. B. It causes the schedule to shift upward. C. It causes movement to the right along the schedule. D. It causes the schedule to shift downward.