Which of the following is NOT a determinant of demand?
A. prices of other goods
B. consumers' tastes
C. consumers' incomes
D. production technology
Answer: D
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The deficit can be defined in simple terms as
A. tax receipts ? government expenditures + transfers. B. tax receipts + government expenditures + transfers. C. government expenditures + transfers ? tax receipts. D. government expenditures ? transfers ? tax receipts.
If the Fed wants to depreciate the dollar against the yen, the Fed will
A) increase the supply of dollars by selling yen. B) increase the demand for dollars by selling yen. C) decrease the supply of dollars by selling yen. D) increase the supply of dollars by buying yen.
Auctions in recent years have resulted in higher prices paid for letters written by John Wilkes Booth than those written by Abraham Lincoln. What is a reason for this difference in price?
A) Booth was a well-known actor; the demand for his letters rose as wealthy actors attempted to buy them. B) Many people are more fascinated by villains and anti-heroes than by heroic figures. C) There are more letters available for collectors to buy that were written by Lincoln than there are letters that were written by Booth. D) There is a surplus of letters written by Booth and a shortage of letters written by Lincoln.
Which of the following would be the most likely effect of a 75 percent tax on punitive awards by juries?
A. An increase in pretrial settlements since plaintiffs are willing to accept lower settlement amounts that are not taxed B. A decrease in the number of cases settled out of court C. An increase in the incentive for plaintiffs to pursue legal action against individuals or businesses who have caused injury due to gross negligence D. An increase in the number of lawsuits asking for punitive damages