Sumptuary taxes are often justified on the grounds that _____
a. bad activities should be discouraged
b. the rich should pay more
c. the poor should pay less
d. merit goods need encouragement
a
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What are the four types of bias that economist Bryan Caplan believes voters bring with them when they vote? Briefly explain each of these biases
What will be an ideal response?
In contrast to a monopoly which misallocates resources by restricting output and producing too little, government bureaus misallocate resources by _____
a. producing too little b. producing too much c. producing the right amount but charging nothing for the output d. producing zero
A few sellers may behave as if they operate in a perfectly competitive market if the market demand is:
A) highly inelastic. B) very elastic. C) unitary elastic. D) composed of many small buyers.
Which of the following sequence of events follows a rise in the discount rate?
A. r? ? I? ? AE? ? Y? B. r? ? I? ? AE? ? Y? C. r? ? I? ? AE? ? Y? D. r? ? I? ? AE? ? Y?