The figure above shows a local lawn cutting service's demand for labor curve when the price of cutting an acre of lawn is $50 per acre. How much labor will the firm hire if the market wage is $300 per day?
A) 0 workers
B) 1 worker
C) 2 workers
D) 3 workers
D
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If a government wants to maximize revenues from a tax it should
A) impose it on sellers. B) impose it on consumers. C) choose a good with a relatively elastic demand. D) choose a good with a relatively inelastic demand.
Usury laws are often politically popular because
a. few people sympathize with banks and other lenders who are suspected of price gouging. b. consumers are in favor of the lower lending rates. c. those concerned with affordable housing for the poor favor ceilings on mortgage rates. d. All of the above are correct.
The nation of Wheatland forbids international trade. In Wheatland, you can buy 1 pound of corn for 3 pounds of fish. In other countries, you can buy 1 pound of corn for 2 pounds of fish. These facts indicate that
a. Wheatland has a comparative advantage, relative to other countries, in producing corn. b. other countries have a comparative advantage, relative to Wheatland, in producing fish. c. the price of fish in Wheatland exceeds the world price of fish. d. if Wheatland were to allow trade, it would import corn.
An unregulated market economy provides material wealth but does not generate effective control of environmental damage.
Answer the following statement true (T) or false (F)