In 1980 the highest marginal tax rate was
A. 28 percent.
B. 33 percent.
C. 50 percent.
D. 70 percent.
D. 70 percent.
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Assume the government reduces your welfare check by $1 for every $2 that you earn on the job while on welfare. How will this tax affect your labor supply decisions? What is the implicit tax rate of such a policy?
What will be an ideal response?
What does the existence of labor unions mean for the labor market and for unemployment?
A. Unemployment could reach zero. B. Wage rates could fall below equilibrium level. C. Wage rates could rise above equilibrium level. D. Unemployment could grow to unsustainable levels.
Referring to Figure 18.3, the effect of a decrease in U.S. prices is represented by a movement from point:
A. d to a. B. b to c. C. a to d. D. a to b.
Suppose the TV news programs report that oat bran can lower one's cholesterol. As a result, the equilibrium price of oats would ______, and the equilibrium quantity of oats would ______.
A. increase; increase B. decrease; not change C. decrease; decrease D. increase; decrease