Which of the following leads to the demanders paying all of a tax?
A) The supply is unit elastic.
B) The supply is perfectly inelastic.
C) The demand is perfectly elastic.
D) The demand is perfectly inelastic.
D
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The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________
A) complements B) normal goods C) substitutes D) inferior goods
The Bureau of Labor Statistics classifies people who would like to work but have given up looking for a job as
a. unemployed. If they were classified as out of the labor force, the reported unemployment rate would be larger. b. unemployed. If they were classified as out of the labor force, the reported unemployment rate would be smaller. c. out of the labor force. If they were classified as unemployed, the reported unemployment rate would be larger. d. out of the labor force. If they were classified as unemployed, the reported unemployment rate would be smaller.
Which of the following would be a legitimate government activity in the U.S. economy?
A. Enforcing child labor laws. B. The enactment of antitrust laws to protect consumers. C. The regulation of water pollution. D. All of the choices are correct.
If Congress were to pass a law exempting interest on saving from taxation, the:
A. supply of loanable funds would decrease and the equilibrium interest rate rise. B. supply of loanable funds would increase and the equilibrium interest rate fall. C. demand for loanable funds would increase and the equilibrium interest rate rise. D. equilibrium interest rate would be unaffected.