The Social Security Act was passed:
a. in 1955.
b. just after World War II.
c. in 1935.
d. in 1964.
c
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What is the advantage of the government imposing an ad valorem tax over a specific tax when facing a monopoly?
What will be an ideal response?
Which of the following will most likely result from an unexpected increase in prices that decreases real wages and resource prices?
a. a decrease in unemployment b. an increase in unemployment c. a decrease in the nominal interest rate d. a decrease in aggregate supply and real output
Constant returns to scale in a production function imply that doubling both capital and labor will also double output.
a. true b. false
Suppose that the demand curve for apples is downward sloping and the price per pound decreases from $1.25 to $1.00. We would then expect
A) the demand for apples to decrease. B) the quantity of apples demanded to fall. C) the demand curve to shift toward the origin. D) the quantity of apples demanded to increase.