As a percentage of total federal revenues, the individual income tax has _____
a. increased substantially since 1960
b. declined substantially since 1960
c. increased slightly since 1960
d. declined slightly since 1960
c
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An agricultural corn market faces a positive supply shock due to a beneficial rainy season and the use of new genetically modified seeds. As a result, farmers face the largest crop harvest in decades
Which answer below explains how a farm could actually go bankrupt under this scenario. A) The elasticity of supply for corn is elastic such that a positive shock reduces total revenue. B) The demand for corn is inelastic such that a positive supply shock reduces total revenue. C) An inelastic demand curve will cause revenue to fall because price decreases by more than the increase in quantity demanded. D) B and C
In markets, the invisible hand allocates resources efficiently
a. in all cases. b. when the buyers and sellers are the only interested parties. c. when there are positive externalities, but not when there are negative externalities. d. when there are negative externalities, but not when there are positive externalities.