Of the people arrested in 2014 in the U.S., ________ got some jail time.
A. 3,600,000
B. 36,000,000
C. 626,644
D. 36,000
Answer: C
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If a good has an income elasticity of demand greater than 1, one might classify that good as
A) a necessity. B) a luxury. C) unusual. D) inelastic.
If a firm suffers an economic loss, its:
A. price is less than its marginal cost. B. price is less than its marginal revenue. C. price is less than its average total cost. D. None of these
Refer to the table below. Based on the data, you can conclude that the consumer:
The table below shows a consumer's utility schedule.
A. Receives increasing marginal utility from consuming the first three units
B. Experiences diminishing marginal utility after consuming the first unit
C. Experiences diminishing marginal utility only after consuming the fourth unit
D. Will never consume just one unit of the product
A payroll tax is imposed on two types of labor: carpenters and laborers. In the short run, the elasticity of labor supply of carpenters is much less elastic than the elasticity of labor supply of laborers. Which of the following is true?
A. In the short run, laborers will bear a larger share of the payroll tax than carpenters. B. In the short run, carpenters and laborers will bear the same share of the payroll tax, but in the long run, laborers will bear a larger share of the payroll tax than carpenters. C. In the short run, carpenters will bear a larger share of the payroll tax than laborers. D. There is not enough information to determine the relative shares of the payroll tax for carpenters and laborers in either the short run or the long run.