Nike faces a more__________ demand for its products than a shoe polish producer
a. inelastic
b. elastic
c. perfectly elastic
d. perfectly inelastic
a
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An objective analysis of "what is" in the economy is referred to as
A) positive economics. B) normative economics. C) command economics. D) implicit economics.
If transfer payments are included when evaluating tax burdens, then the average tax rate of the poorest quintile of taxpayers would be approximately
a. negative 30 percent. b. negative 10 percent. c. positive 1 percent. d. positive 8 percent.
A utilitarian government will pursue policies that redistribute income from the rich to the poor. One problem with these policies is that
a. everyone has less incentive to work hard. b. the rich will work harder while the poor will not. c. the poor will work harder while the rich will not. d. everyone in the middle class ends up worse off.
Someone who does not have a job but is not counted as unemployed, such as a retiree, is:
A. not in the civilian labor force. B. considered employed. C. still, nonetheless, part of the civilian labor force. D. not counted in the civilian adult population.