Which of the following is a positive economic statement?
A) U.S. citizens should only buy products which are produced in the United States.
B) The government should ban the production and sale of incandescent light bulbs.
C) Raising the tax on gasoline raises the selling price of gasoline.
D) The government should revamp its immigration policies.
Answer: C
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Suppose the government imposes a 20-cent tax on the sellers of iced tea. Which of the following is not correct? The tax would
A. discourage market activity. B. reduce the equilibrium quantity. C. raise the equilibrium price by 20 cents. D. shift the supply curve upward by 20 cents.
The supply curve of money shows, all other things unchanged, the
A) quantity of money supplied at each price of bonds. B) quantity of money supplied at each bond rate. C) quantity of money supplied at each interest rate. D) amount of money people supply at a specific interest rate.