In a proportional tax system each individual would pay the same dollar amount in taxes
a. True
b. False
Indicate whether the statement is true or false
False
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A combination of two goods which lies beyond the production possibilities curve indicates: a. underutilization of resources
b. overutilization of resources. c. constant opportunity costs. d. a combination that cannot be produced with existing resources. e. society's most preferred combination of two goods.
The existence of dual economies support the argument for _____
a. developing domestic exports b. reducing quotas on foreign goods c. a more active monetary policy d. the free movement of resources e. imposing trade restrictions
Assume, for Colombia, that the domestic price of coffee without international trade is higher than the world price of coffee. This suggests that
a. other countries have a comparative advantage over Colombia in producing coffee. b. Colombia has an absolute advantage over other countries in producing coffee. c. Colombia will export coffee if international trade is allowed. d. Colombian coffee buyers will become worse off if international trade is allowed.
As of the year 2000, services accounted for what percentage of total U.S. output?
A. 50 percent. B. 90 percent. C. 80 percent. D. 25 percent.