How will a cut in a fixed tax affect the consumption schedule?
A. It will shift downward.
B. It will shift upward.
C. It will become flatter.
D. It will become steeper.
Answer: B
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An economy has the income shares information in the table above. Which of the following is TRUE?
A) The information in the table represents the income distribution in the United States. B) Income in the U.S. economy is more equally distributed than that represented in the table. C) Income in the U.S. economy is less equally distributed than that represented in the table. D) The information in the table represents the wealth distribution in the United States.
A minimum wage might increase employment by a monopsony if it makes the supply of labor curve to that firm
A) steeper, that is, makes supply more elastic. B) steeper, that is, makes supply less elastic. C) flatter, that is, makes supply more elastic. D) flatter, that is, makes supply less elastic.
An example of a sunk cost would be:
A. the cost of a movie ticket once you've started watching the movie. B. the value of a lift ticket once you've started skiing. C. the admission fee you paid to enter a national park. D. All of these are examples of sunk costs.
The equilibrium price is best defined as the price at which: a. demand is smaller than supply
b. suppliers want to supply more goods. c. demanders want to buy more goods. d. quantity demanded is equal to quantity supplied. e. the quantity demanded increases.