Wants are
A) another term for needs.
B) the things people would consume if they had unlimited incomes.
C) the things people consume with their income.
D) all the things people really need in order to live comfortably.
Answer: B
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Tax laws affect
A) economic efficiency but not equity. B) consumption and production, not efficiency and equity. C) both efficiency and equity. D) equity but not economic efficiency.
Answer the following statements true (T) or false (F)
1. The U.S. unemployment rate excludes unemployed workers who are not actively seeking work. 2. The demand for unskilled workers has been growing as a percent of total U.S. labor force in recent years. 3. A sizable part of increases in the U.S. labor force in the past few decades has been due to the influx of women. 4. Service-oriented jobs make up more than three-quarters of total employment in the U.S. labor force. 5. The number and the percentage of U.S. workers in labor unions have decreased in the past decade.
Which of the following is likely to have the most price inelastic demand?
a. mint-flavored toothpaste b. toothpaste c. Colgate mint-flavored toothpaste d. a generic mint-flavored toothpaste
Figure 18-1
According to the graph in Figure 17-1, tax collections will be which of the following?
A. 14 million B. 1.4 million C. 12 million D. 1 million