As both the budget and regulatory powers of government grow, public choice analysis indicates that individuals and groups will find it in their interest to do which of the following?
What will be an ideal response?
Spend more time rent seeking
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Compared to 1981, the poor now pay a
A. larger fraction of their income in taxes than the top 10 percent of income earners. B. smaller fraction of their income in federal taxes. C. larger fraction of their income in taxes than the middle 50 percent of income earners. D. larger fraction of their income in federal taxes.
When demand falls and supply rises, equilibrium price will _____ and equilibrium quantity will _____.
Fill in the blank(s) with the appropriate word(s).
In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
Differences in stages of development among countries are reflected in a number of ways besides per capita income
a. True b. False