Wage differentials between individuals may be partly explained by:
a. differences in education
b. differences in productivity.
c. discrimination.
d. all of the above.
d
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The figure above shows a monopoly firm's demand curve. At point u in the figure, the demand facing the monopoly is
A) elastic. B) unit elastic. C) inelastic. D) less than the supply.
U.S. taxpayers spend many hours during the year maintaining records for tax purposes and preparing their income tax returns. This administrative cost
A) is part of the deadweight loss of taxation. B) is larger for individuals in the lowest income quintile than for individuals in the highest income quintile. C) is equal to the value of consumer surplus associated with the income tax system. D) can be claimed as a deduction on income tax returns.
In the problem of double marginalization, the resulting price is ______than if the manufacturer were to sell directly to the consumer
a. Higher b. Lower c. The same d. None of the above
Above a certain income, the marginal social security tax drops to zero.
Answer the following statement true (T) or false (F)