Workers expecting inflation will expect wage increases to be built into their wage contracts
a. True
b. False
Indicate whether the statement is true or false
True
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The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve is downward sloping and the supply curve is upward sloping. B) demand curve for halogen bulbs is horizontal. C) demand curve for halogen bulbs is vertical. D) supply curve of halogen bulbs is horizontal.
Assuming the inverse demand function for good Z can be written as P = 90 - 3Q, when P = 20, the point price elasticity of demand is equal to (approximately):
A) -0.22. B) -0.29. C) -0.67. D) -4.5.
What is the payoff for each firm in this one-shot game?
a. Both firms will earn 0 b. Firm A will earn 50 and firm B will earn -10 c. Firm A will earn -10 and firm B will earn 50 d. Both firms will earn 25
Recall the Application about French restaurants and the Value Added Tax (VAT) to answer the following question(s).Recall the Application. According to the Application, how much VAT did restaurants pay prior to 2003?
A. 20% VAT for restaurants with sit-down meals and 5% VAT for fastfood restaurants. B. 25% VAT for all restaurants. C. 20% VAT for fastfood restaurants and 5% VAT for restaurants with sit-down meals. D. 5% for all restaurants.