When a firm exercises monopsony power,
A. the firm increases its profits at the expense of its workers.
B. workers gain but the firm loses.
C. workers, consumers, and owners of the firm are made better off.
D. both the firm and the workers gain.
A. the firm increases its profits at the expense of its workers.
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Taco Bell firm raises the price of its tacos. The price elasticity of demand for Taco Bell tacos equals 5.0. What happens to the Taco Bell's total revenue?
A) nothing B) It increases. C) It decreases. D) It becomes negative. E) It might change, but more information is needed to determine if it increases, decreases, or does not change.
Which of the following would indicate that an income tax is progressive?
a. high-income people pay $3,000 . low-income people pay $1,000 b. low-income people pay $3,000 . high-income people pay $1,000 c. high-income and low-income people all pay $1000 each d. high-income people pay 20 percent of their income in taxes; low-income people pay 10 percent e. both high-income and low-income people pay 10 percent of their income in taxes
Since capital is relatively scarce in India, the economically efficient method of producing food would probably:
A. be land intensive. B. not be labor intensive. C. be capital intensive. D. not be capital intensive.
Which two systems require the least amount of government intervention?
A. Feudalism and socialism B. Mercantilism and capitalism C. Mercantilism and socialism D. Capitalism and feudalism