The slope of a line parallel to the horizontal axis is:
A. zero.
B. one.
C. infinite.
D. one-half.
Answer: A
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Most research suggests that the elasticity of the labor supply with respect to taxes is:
A. very low for most people. B. very high for most people. C. highly variable across people. D. unpredictable in most settings.
One implication of the shape of the demand curve facing a perfectly competitive firm is that:
A. the market would be unable to reach a new equilibrium if demand changed. B. if the firm increases its price above the market price, it will earn zero revenue. C. if the firm decreases its price below the market price, it will earn higher revenue. D. if the firm increases its price above the market price, it will earn higher revenue.
The two most important rationales for government intervention in non-monopolistic markets are
A) market failure and asymmetric information. B) substandard products and job creation for public employees. C) job creation and income maintenance. D) unfair pricing and usury.
If macaroni and cheese is an inferior good, falling incomes will tend to:
A. lower its price but raise its quantity. B. put upward pressure on its price and quantity. C. put downward pressure on its price and quantity. D. raise its price but lower its quantity.