An interest rate increase to 4 percent will cause you to
A. save less of your income.
B. be more time patient.
C. be more time impatient.
D. save more of your income.
Answer: D
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In the above figure, if the real wage is $10 per hour, a labor
A) shortage will occur and the real wage will rise. B) shortage will occur and the real wage will fall. C) surplus will occur and the real wage will rise. D) surplus will occur and the real wage will fall.
According to the public choice theory, voters who choose to remain uninformed about the issues are behaving irrationally
a. True b. False Indicate whether the statement is true or false
What would be an optimal tax on pollution (a negative externality)?
a) one for which producers internalize the cost of the pollution b) one for which a benevolent social planner is able to maximize production c) one for which producers choose not to produce any pollution d) one for which the value to consumers at market equilibrium exceeds the cost of production (including tax)
A tax on cigarettes:
A. increases total surplus. B. increases efficiency in the market. C. like any tax, will always reduce surplus and efficiency in markets. D. will increase both total surplus and efficiency in the market.