One advantage of ad valorem taxes over unit taxes is that _____
a. the tax is more difficult to evade
b. the tax is easier to collect
c. the tax increases with inflation
d. the tax automatically adjusts for inflation
d
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In the 1960s, advocates of the Phillips curve suggested ________
A) an "optimal" goal of 1% unemployment and 1% to 2% inflation rates could be achieved B) a "realistic" goal of 7% unemployment and 6% to 7% inflation rates could be achieved C) a "nonperfectionist" goal of 3% unemployment and 4% to 5% inflation rates could be achieved D) all of the above E) none of the above
The aggregate supply schedule is steeper where the money wage is more variable than where the money wage is fixed because the rise in the money wage in the
a. fixed-wage case dampens the effect on employment and output from an increase in the price level. b. variable-wage case dampens the effect on employment and output from an increase in the price level. c. variable-wage case heightens the effect on employment and output from an increase in the price level. d. all of the above
Markets can fail to achieve efficiency when
a. there are prices consumers do not think are fair. b. there are wages workers do not think are fair. c. trade puts people out of work. d. there are public goods.
A price floor would be established in cases where the government believed the market equilibrium price would:
a. result in a surplus. b. be too high. c. result in a shortage. d. be too low. e. yield excess profits.