When the economy is experiencing a contraction, there is an increase in
A. frictional unemployment.
B. cyclical unemployment.
C. seasonal unemployment.
D. structural unemployment.
Answer: B
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How much revenue will the government raise from the tax?
A. $70
B. $140
C. $210
D. $280
Exhibit 6-1 Business cycle
In Exhibit 6-1, the recession phase of the business cycle can be represented by point(s):
A. CDE. B. BCD. C. EFG. D. A and E.
Figure 6.9 depicts a hypothetical fish market with a horizontal supply curve. Suppose the government imposes a tax of $2 per pound of fish, and the tax is paid in legal terms by producers. Which of the following shows the extra money consumers must pay for the 100,000 pounds of fish they purchase?
A. Triangle A B. Rectangle B C. Triangle A + Rectangle B D. Rectangle B + Triangle C
The government corrects for externalities in all of the following ways EXCEPT
A) taxes. B) regulation. C) lobbying. D) subsidies.