Which of the following would be considered income in kind?
A) tax refunds
B) food stamps
C) yard sales
D) reduction in the tax rates
B
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Jeong's uncompensated demand for gizmos is given by Q = 30 - 2p. Jeong's marginal willingness to pay function is
A) 30-2p. B) 15-.5Q. C) 30-2Q. D) -2.
The effects of a per-unit tax imposed on sales of an industry's product would likely include
A) a lower product price at any amount of the product supplied. B) a leftward shift of the market supply curve for the product. C) a leftward movement along the market supply curve for the product. D) none of the above.
In contrast to a recession in industrialized nations, a recession in pre-industrial nations:
A. has smaller effects on both unemployment and wage rates. B. has larger effects on both unemployment and wage rates. C. is more visible in its effects on the unemployment rate but it has a smaller effect on wage rates. D. is less visible in its effects on the unemployment rate but it has a larger effect on wage rates.
In the circular-flow diagram, in the markets for
a. goods and services, households and firms are both sellers. b. goods and services, households are sellers and firms are buyers. c. the factors of production, households are sellers and firms are buyers. d. the factors of production, households and firms are both buyers.