In Figure 33.4, what is the wage rate received by workers after the imposition of the payroll tax?
A. W2.
B. W3.
C. W5.
D. W4.
Answer: A
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In an attempt to reduce poaching of elephant tusks for ivory, officials in Kenya burned illegally gathered ivory. Economists tend to point out that
A. poaching can be reduced with price supports for ivory. B. the supply of ivory has fallen, leading to an increase in price and reward for poaching. C. burning ivory decreases demand, leading to lower prices and reward for poaching. D. the demand for ivory is higher, leading to an increase in price and reward for poaching. E. burning ivory raises demand, and controlled prices will lead to even greater poaching.
Over time, regulatory machinery may shift toward the special interests of producers, who, in effect, "capture" the regulating agency
a. True b. False
When an economy's resources are not fully employed, then it must be true that the:
a. production point is located outside and to the right of the production possibilities curve. b. production point is located along the production possibilities curve. c. production point is located inside and to the left of the production possibilities curve. d. production possibilities curve shifts to the right. e. production possibilities curve shifts to the left.
If trade policies change, then we would expect aggregate expenditure to:
A. remain constant. B. depends on the policy. C. decrease. D. increase.