In the figure above, if a tax of $2 per widget is imposed on sellers, then the price of widgets paid by the buyer will be
A) more than or equal to $8.
B) between $8 and $6.
C) $6.
D) less than $6.
B
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Looking at the table above, real wages ________ from 2011 to 2012, and real wages ________ from 2012 to 2013.
A) fell; rose
B) fell; fell
C) rose; fell
D) rose; rose
Which of the following is an implicit cost of production?
A) interest paid on a loan to a bank B) wages paid to labor plus the cost of carrying benefits for workers C) rent that could have been earned on a building owned and used by the firm D) the utility bill paid to water, electricity, and natural gas companies
An increase in the government budget deficit will shift the ________ curve for loanable funds to the ________ and the equilibrium real interest rate will ________
A) supply; right; fall B) supply; left; rise C) demand; left; fall D) demand; right; rise
In 1972, a very controversial study asserted that income differences among individuals did not depend on genetic differences in reasoning ability, or differences between schools, or family background. Moreover, the effects of level of schooling are much less than previously understood. After controlling for all of these background variables, much of the variation in earnings appeared to be
random. From this analysis, one might reach the very controversial conclusion that earnings depended to a very great extent on a. human capital. b. ability. c. schooling. d. luck.