In the United States, although people in different income groups pay different tax rates, every dollar earned by a specific individual is taxed at the same rate
Indicate whether the statement is true or false
FALSE
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Full employment describes the condition in which
a. 100 percent of the civilian labor force is employed. b. 95 to 96 percent of the civilian labor force is employed. c. there is no frictional unemployment. d. unemployment is 10 percent or less.
Answer the following statements true (T) or false (F)
1. The point where the supply curve and the demand curve cross is called the equilibrium. 2. Good weather is an example of a natural condition that affects supply for salmon fishing. 3. The equilibrium quantity is the common quantity where the amount of the product consumers want to buy (quantity demanded) is equal to the amount producers want to sell (quantity supplied). 4. Laws that governments enact to regulate prices are called price barriers. 5. One typical way that economists define efficiency is when it is possible to improve the situation of one party without imposing a cost on another.
Energy drinks and granola bars are normal goods. When the price of energy drinks decreases, the income effect causes
a. the consumer to feel richer, so the consumer buys more granola bars. b. the consumer to feel richer, so the consumer buys fewer granola bars. c. granola bars to be relatively more expensive, so the consumer buys more granola bars. d. granola bars to be relatively less expensive, so the consumer buys fewer granola bars.
Union membership fell in the
A. 1940s. B. 1950s. C. 1960s. D. 1980s.