An increase in the excise tax on alcohol of $1 per liter:
a. will have no effect on alcohol consumption.
b. will generate minimal tax revenues for the federal government.
c. will generate substantial revenues if demand is elastic.
d. coupled with a uniform drinking age nationwide would save lives.
e. will raise the price of alcohol by exactly $1 per lite
d. coupled with a uniform drinking age nationwide would save lives.
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The study of economics arises due to
A) resources. B) greed. C) money. D) scarcity.
Adverse selection is a problem that arises:
A. before the parties have entered into an agreement. B. after the parties have voluntarily entered into an agreement. C. either before or after the parties have entered into an agreement. D. rarely in any market.
Which of the following statements presents accurate information about antebellum wages for males employed in manufacturing?
a. During the 1850s, real wages doubled. b. Real wages were higher and grew more rapidly in New England than in the Middle Atlantic states. c. Wage rates converged in the mid-1800s due to transportation improvements. d. Wage rates in the 1820s were higher in rural areas than in urban areas.
To close a recessionary gap using fiscal policy, the government can: a. increase government spending by the size of the gap
b. decrease government spending by the size of the gap. c. increase government spending by more than the size of the gap. d. increase government spending by less than the size of the gap. e. decrease government spending by more than the size of the gap.