High training costs make it more costly for consumers to switch products. This is an example of
A. Barriers to entry.
B. Contestable markets.
C. Government regulation.
D. Cartels.
Answer: A
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The outlet substitution bias is most likely to put ________ and so ________ the inflation rate
A) a downward bias into the CPI; overstate B) no bias into the CPI because it is such a small effect; have no effect on C) a downward bias into the CPI; understate D) an upward bias into the CPI; overstate E) an upward bias into the CPI; understate
The aggregate expenditure line shows total planned spending at each _____
a. consumption level b. investment level c. income level, holding the price level constant d. price level, holding the level of income constant e. interest rate, holding the price level constant
Faced with a shortage of funds to pay claims, the workman's compensation systems in many states have been forced to raise the workman's compensation tax rate substantially. The tax is paid by employers. Employers have complained that they cannot afford the tax and threaten to go out of business. Assuming the supply of labor is very inelastic, one can argue that ultimately the burden of this tax
actually will rest a. mostly on workers. b. mostly on employers. c. about 50/50 on workers and employers, like the Social Security tax. d. all on employers by statute.
A positive economic statement is one that
A) can be refuted. B) is free of the ceteris paribus assumption. C) is based on a value judgment. D) asserts something about the role of moral behavior in building a strong economy.