The Earned Income Tax Credit is an example of a
a. minimum-wage law.
b. price ceiling.
c. wage subsidy.
d. rent subsidy.
c
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Which of the following will NOT shift the short-run aggregate supply function?
A) changes in labor costs B) changes in the costs of nonlabor inputs C) changes in the price level D) changes in the expected price level
How are money cost and opportunity cost related to each other?
a. If markets function well, they are closely related. b. They are always identical in any economic system. c. Opportunity cost always exceeds money cost. d. Money cost is less than or equal to opportunity cost. e. In a market economy, they are always equal to each other.
Refer to Figure 8A.1. The stock of capital no longer increases once the economy reaches point
A) a. B) b. C) c. D) e.
If the quantity of tacos demanded is represented by the equation QD = 20 - 0.5P then the corresponding price of tacos is represented by the equation
A) P = 10 - 2QD. B) P = 40 - 2QD. C) P = 0.5QD + 10. D) P = QD + 40.