When a worker has a rare skill or talent, supply in that labor market:
A. is low.
B. is high.
C. depends on the other factors of production.
D. depends on the output produced.
A. is low.
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The above figure shows a graph of the market for pizzas in a large town. If the price price rises from 7 to 8, what is the change in quantity demanded for pizzas?
A) -10 B) -30 C) -20 D) 20
In 1968, the government instituted a 26 percent income tax surcharge. In terms of the AS/AD model, this change should have:
A. shifted the AD curve to the right. B. shifted the AD curve to the left. C. made the AD curve steeper. D. made the AD curve flatter.
In 2013, the income share of the highest quintile was
A. almost 60 percent. B. 20 percent. C. almost 90 percent. D. 47 percent.
One way that insurance companies can reduce the moral hazard problem is to:
A. make insurance customers pay a deductible before the company pays on a claim. B. engage in genetic testing to determine who is more likely to be high risk. C. eliminate copayments on insurance claims. D. insure only customers with good morals.