If the government thinks the price that a consumer has to pay for a good is too low, then which of the following would solve this problem?
a. a price ceiling or an excise tax
b. a price floor or an excise tax
c. a price ceiling or a subsidy
d. a price floor or a subsidy
e. none of the above will lower the price a consumer has to pay for a good
B
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What most accurately describes imperialism between 1870 and 1917?
a. The US was the leading imperialist nation in the late 19th century. b. The US was primarily concerned about expanding freedom in relatively poor nations in Africa. c. The "Roosevelt Corollary" and the Monroe Doctrine were the primary documents that outline the US foreign policy. d. European nations like England and France oriented their annexation efforts toward Latin America.
If cars are normal goods, a fall in income will
a. Increase the demand for cars b. Decrease the demand for cars c. Have no effect on the demand for cars d. None of the above
Wendy retails motor homes, which she buys for a sum that does not vary with the number she purchases from the manufacturer. She can sell eleven per week at $40,000 . If she limits sales to ten, she can charge $41,000 each. She will sell eleven per week if the cost of each vehicle is no more than
a. $20,000. b. $30,000. c. $40,000. d. $41,000.
According to supply-side economics, a cut in taxes will affect total tax revenue, because ________
A) the level of productivity should fall precipitously with a tax cut B) a tax cut will be followed by an even larger decrease in government spending C) of the resulting increase in saving D) of the positive impact on the level of income