6. the supply curve for a product has infinite elasticity. a tax is levied on each unit of the product the likely effect will be to:
A.reduce the amount the producer receives from each unit sold by the amount of the tax.
B. Increase the price the consumer pays per unit by the amount of the tax
C. Increase the price to consumers by an amount less than the unit tax
D. increase the amount received by producers by less then the unit tax
7. Which of the following taxes is the most likely to be shifted?
A. A general sales tax
B. a flat-rate state income tax
C. a progressive Federal income tax
D. a property tax on an owner-occupied residence
8. Adding the economic activities of government to the circular flow model shows that:
A. Government spending creates inflation
B. Government purchases of goods and services, taxes, and transfer payments affect how resources are allocated.
C. The Federal government has to borrow funds from households in order to pay salaries to public officials and members of the armed forces
D. The economic functions of government are shared equally among Federal, state, and local government.
9. A major distinction between government purchases and government payments is that:
A. Government purchases divert resources from private uses to public uses while transfer payments do not.
B. Transfer payments divert resources fro private uses to public uses while government purchases do not.
C. Government purchases have to be approved by Congress while transfer payments do not
D. Government purchases of goods and services have increased more rapidly during the last twenty years then have transfer payments.
10. Federal Governments greatest source of tax revenue is:
A. Payroll tax.
B. Corporate income taxes.
C. Excise Taxes.
D. Personal income taxes.
11. If the interest rate is 15%, what is the future of value of $10,000 two years from now?
12. since 1900, the relative share of income paid to American resource suppliers as corporate profits, interest, ad rent has been about:
13. The largest single share of all income earned by Americans consists of:
A. wages and salaries
D corporate profits
14. In his "Essay on the Principles of Population", Thomas Malthus argued that:
A. Human living standards could permanently rise above subsistence levels, so that populations would grow exponentially
B. Any temporary increase in living standards would cause people to have more children, and thus increase the population.
C. as the population increased, the standard of living would be maintained by greater productivity
D. as economic efficiency declined, standards of living would first rise and then eventually decline.
15. The replacement rate is the birthrate necessary to:
A. Keep a population from decreasing
B. Keep an able-bodied workforce
C. Maintain the productivity level
D. Maintain the standard of living
15. The 1968 prediction of Paul Ehrlich proved to be wrong because population growth
A. Slowed dramatically as standards of living decreased
B. Slowed dramatically as standards of living increased
C. Rose dramatically as standards of living decreased
D. Rose dramatically as standards of living increased
16.the Federal personal income tax is based on the:
A. Benifits-received principles of taxation
B. Ability-to-pay principle of taxation
C. Law of comparative advantage
D. Fallacy of limited decisions
17. if government levies a tax or fee on hunting licenses and used the resulting revenue for wildlife stocking programs, this would be an example of:
A. A progressive tax
B. A regressive tax
C. The ability-to-pay principle of taxation
D. The benefits-received principles of taxation
18. If the price elasticity of supply is 0 and the market demand curve is downward sloping:
A. the producer bears the full burden of a per unit tax upon the good
B. The consumer bears the full burden of a per unit tax upon the good
C. The economic incidence of a per unit tax upon th good is borne by the consumer and the producer
D. Although the economic incidence is uncertain, a per unit tax upon good will shift the supply curve leftward.
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