Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.
a. income gap
b. market equilibrium
c. law of demand
d. price model
c. law of demand
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The deadweight loss due to a ________ is always smaller than the deadweight loss due to a ________
A) tax on each unit sold; per unit tax on each unit bought B) per unit tax on each unit sold; per unit tax on each unit bought C) tax on each unit sold; lump-sum tax D) lump-sum tax; tax on each unit bought
Suppose the market-clearing wage for pizza delivery workers is $7.00 per hour, but a $10.00 per hour minimum wage is enacted. Other things constant, the higher minimum wage tends to
A) increase the supply of pizza delivery workers. B) decrease the quantity demanded of pizza delivery workers. C) create a shortage of pizza delivery workers. D) accomplish all of the above. E) accomplish none of the above.
Employing the TIT for TAT strategy in a repeated prisoners' dilemma game means _____
a. that you will lose b. defecting when the other person cooperates c. attacking when the other person defects d. cooperating as long as the other person cooperates
Under the VAR assumptions, the OLS estimators are
A) consistent and have a joint normal distribution even in small samples. B) BLUE. C) consistent and have a joint normal distribution in large samples. D) unbiased.