Economic theory suggests that the standard of living of American workers would rise if
a. the minimum wage were doubled.
b. the knowledge and skills of workers improved.
c. older workers were forced to retire earlier, opening up jobs for younger workers.
d. technological setbacks lowered output per worker hour, increasing the number of jobs.
B
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If the multiplier is 10 and income increases by $1000, then saving will increase by
A) $90. B) $900. C) $100. D) $1000.
Filing a fraudulent income tax return that understates income or overstates deductions is known as
a. tax evasion b. logrolling c. tax avoidance d. rent seeking e. profiteering
Which term describes a good in which the quantity demanded rises as income rises, and in which quantity demanded falls as income falls?
a. Complement good b. Inferior good c. Normal good d. Superior good
One of the reasons that pollution problems are as large as they are is that
a. markets let individuals and firms deplete valuable resources without charging money for doing so. b. markets are incapable of incorporating valuable resources such as air and pure water. c. governments use resources without paying for them the way that individuals and firms must. d. markets are not an efficient means to address scarcity.