Question 1.1 Which of the following trade-offs would NOT tend to increase economic growth? (Points :
Question 1.1 Which of the following trade-offs would NOT tend to increase economic growth? (Points : 1) Companies reduce dividends to stockholders to increase investment in technology. More graduates go on to college and high school dropouts decline. Consumers spend more on food and entertainment, lowering their retirement savings rate. Government commits to spending more on infrastructure, including roads and railways.Question 2.2.A person has a(n) ________ in an activity if that person can perform the activity at a lower opportunity cost than anyone else. (Points : 1) competitive advantage economic advantage comparative advantage innovation advantageQuestion 3.3.As more of a product is produced, its opportunity cost ________. (Points : 1) increases stabilizes decreases fluctuatesQuestion 4.4.The ________ equals the change in the quantity of the good forgone divided by the change in the quantity of the good that is gained. (Points : 1) justification charge possibility cost opportunity cost motivational chargeQuestion 5.5.The ________ is the boundary between those combinations of goods and services that can be produced and those that cannot. (Points : 1) fabrication option perimeter production possibilities frontier innovation opportunity border foundation alternative boundaryQuestion 6.6.The most commonly cited example of a price floor is the ________. (Points : 1) fair trade law minimum wage law farmers’ subsidy price supportsQuestion 7.7.A government regulation that places a lower limit on the price at which a particular good, service, or factor of production may be traded is called a ________. (Points : 1) price ceiling price floor price regulation price transactionQuestion 8.8.A(n) ________ is a payment by the government to producers to lower their cost of production. (Points : 1) incentive subsidy bonus tariffQuestion 9.9.Agricultural subsidies in the United States trace their history to ________. (Points : 1) World War II Colonial America the Common Agricultural Policy of Europe the Great DepressionQuestion 10.10.The deadweight loss from binding price ceilings ________. (Points : 1) reduces the economic efficiency of society results from the higher prices paid by consumers as a result of price controls impacts only the suppliers of a price-controlled good impacts only the consumers of a price-controlled goodQuestion 11.11.Taxes place a wedge between the price buyers pay and sellers receive. It therefore puts a wedge between marginal benefit and marginal cost and creates ________. (Points : 1) incompetence inefficiency wastefulness insufficiencyQuestion 12.12.The ________ is the percentage of an additional dollar of income that is paid in tax. (Points : 1) marginal tax rate average tax rate progressive tax rate regressive tax rateQuestion 13.13.The ________ is the percentage of income that is paid in tax. (Points : 1) progressive tax rate average tax rate marginal tax rate proportional tax rateQuestion 14.14.The ________ is paid by the demanders as well as by suppliers. (Points : 1) social security tax personal income tax federal sales tax federal excise taxQuestion 15.15.Imposing a tax on buyers decreases the ________ because the tax lowers the amount they are willing to pay to the sellers. (Points : 1) demand price supply profit
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