On necessities, more of the incidence of tax is
a. borne by the producer.
b. borne by the consumer.
c. shared equally between the producer and the consumer.
d. None of the above is correct.
b
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An inward shift of the production possibilities frontier represents
A) negative economic growth. B) a rise in the unemployment rate. C) technological improvement. D) positive economic growth.
Which type of businesses earns the majority of revenues in the United States?
A) partnerships B) corporations C) sole proprietorships D) none of these
In the presence of pollution, social welfare is maximized by
A) reducing output and pollution until marginal benefit of less pollution is equal to the marginal cost of less output. B) reducing output and pollution until the benefit curve (of less pollution) and cost curve (of less output) intersect. C) reducing output and pollution until the benefits of pollution reduction just cover the costs of output reduction. D) None of the above.
A bank run involves a large flow of money
a. into bank depositors' accounts. b. into checking and savings accounts. c. out of depositors' accounts. d. out of individuals' cash reserves into money market funds.