Price fixing is illegal under the Sherman Act and subsequent legislation.
Answer the following statement true (T) or false (F)
True
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The figure above shows the market for tires. The figure shows that the government has imposed a tax of ________ per tire and that ________ pay most of the tax
A) $30; buyers B) $40; buyers C) $30; sellers D) $60; sellers E) $60; buyers
Suppose you observe that the price of movie admissions decline and that the number of people attending movies declines as well. If only the demand curve or the supply curve shifts, this suggests that
A) movies are a normal good and incomes have increased. B) high salaries for Hollywood actors have increased the cost of movie making. C) movie theaters have experienced an increase in their operating costs due to increases in the minimum wage. D) admission prices for other types of entertainment, such as live shows and sporting events, have also declined.
"To each exactly the same" refers to
A) the productivity standard. B) the free market doctrine. C) the egalitarian principle. D) the Lorenz curve.
Suppose that the size of the labor force is 100 million and that the unemployment rate is 5 per cent. Which of the following actions would reduce the unemployment rate the most?
A. 1 million unemployed people get jobs B. 2 million unemployed people leave the labor force C. 3 million people join the labor force and they all get jobs D. 10 million people join the labor force and half of them get jobs