Exhibit 10-4 Supply and demand curves for food servers
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In Exhibit 10-4, the equilibrium wage and the number of food servers employed per day, respectively, are:
A. $2.00 and 5,000.
B. $4.00 and 10,000.
C. $6.00 and 15,000
D. $8.00 and 20,000.
Answer: B
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Income is a poor measure of relative position when attempting to determine horizontal equity.
A. True B. False C. Uncertain
Over the long run, taxes and government expenses have
A) remained relatively stable. B) decreased. C) increased. D) drifted apart.
Good A has an income elasticity equal to -0.8 and a cross price elasticity with respect to Good B of -0.75 . Then: a. Good A is an inferior good and Goods A and B are substitutes. b. Good A is an inferior good and Goods A and B are complements. c. Good A is a normal good and Goods A and B are substitutes
d. Good A is a normal good and Goods A and B are complements.
If the government repeals an investment tax credit and increases income taxes,
a. real GDP rises, and the price level could rise, fall, or stay the same. b. real GDP falls, and the price level could rise, fall, or stay the same. c. real GDP and the price level rise. d. real GDP and the price level fall.