Cartel models are most like
a. duopoly
b. monopoly
c. kinked demand
d. monopolistic competition
e. price leadership
B
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Refer to Table 21.2. The middle 20 percent of earners took home ________ of all income earned in Mysteria
A) 9% B) 18% C) 42.9% D) 52.9%
The statutory incidence of a tax is the same as the economic incidence of a tax whenever a tax is levied on a side of a market that is perfectly price-inelastic.
Answer the following statement true (T) or false (F)
Fiscal policy involves the manipulation of ________
A) U.S. interest rates B) wages and prices C) federal government spending and tax revenues D) the supply of money
Which of the following best describes the idea of a political business cycle?
a. Politicians have a bias to cut taxes and increase government spending. b. Special interests result in alternating federal deficits. c. Politicians will use fiscal and monetary policy to cause output, real incomes, and employment to be rising prior to elections. d. Good intentions of politicians influence the business cycle.