A tariff is a tax imposed by a government on
A) exports.
B) services.
C) imports.
D) luxury items.
Answer: C
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The union wage differential
A) varies substantially across employment sectors. B) increases during expansions. C) has remained fairly constant over the past 30 years. D) is greater for private sector employees than for government sector workers.
Suppose quantity supplied increases from 16 to 24. Using the mid-point formula, the percentage change in quantity supplied is
A. 40% B. 0.4% C. 4% D. 40%
Per capita income is calculated by
a. income growth – population growth b. income growth × population growth c. income growth/population growth d. income/population e. income growth + population growth
Scarcity exists in society because there are:
(a) Insufficient levels of government involvement in reallocating income. (b) A large number of self interested people. (c) Limited wants relative to abundant resources. (d) Unlimited wants in the face of limited global resources.