The Laffer curve suggests that tax rates above a certain point can: 1. Decrease government spending 2. Decrease the budget deficit 3. Increase government efficiency   4. Decrease government revenue

What word do economists use to refer to the purchase of goods that will be used in the future to produce more goods and services? capital consumption investment costs

Based on your understanding of unemployment, COVID-19 caused primarily what type of unemployment to go up? 1. seasonal 2. structural 3. cyclical 4. frictional

Which of these is a good definition of a regressive tax 1. the wealthier pay a greater rate than poorer individuals 2. the wealthier pay a greater overall amount of the tax 3. the wealthier pay a lower overall amount of the tax 4. the wealthier pay a lower rate poorer individuals

Income Tax rate $0 to $40,000 25% $40,000 to $100,000 40% Over $100,000 60%   What is the effective tax rate if you earned $200,000? 47% 52% 58%    60%

An improvement in production technology will increase a firm’s costs and increase its supply increase a firm’s costs and decrease its supply  decrease a firm’s costs and increase its supply decrease a firm’s costs and decrease its supply

If a government subsidize producers of electric cars, 1. demand will increase 2. demand will increase 3. supply will increase 4. supply will decrease

Total output in an economy increases when each person specializes because there is less competition for the same resources each person spends more time producing that product in which he or she has a comparative advantage a wider variety of products will be produced within each country due to specialization government necessarily plays a larger role in the economy due to specialization

The most obvious benefit of specialization and trade is that they allow us to work more hours per week than we otherwise would be able to consume more goods than we otherwise would be able to spend more money on goods that are beneficial to society, and less money on goods that are harmful to consume more goods by forcing people in other countries to consume fewer

If a country has 100 people and it takes 10 people to produce 1 chair and 20 people to produce 1 desk, which of these would be a point on the PPF? 1. 10 chairs and 10 desks 2. 5 chairs and 5 desks 3. 4 chairs and 7 desks 4. 4 chairs and 3 desks