Evidence suggests that income inequality in India is
A. increasing relatively rapidly.
B. increasing relatively slowly.
C. decreasing relatively slowly.
D. decreasing relatively rapidly.
Answer: A
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A regulation that sets the highest price at which it is legal to trade a good is a
A) production quota. B) price floor. C) price support. D) price ceiling. E) subsidy.
At the equilibrium price for gasoline:
a. everyone with the desire and the income to buy gasoline at that price can do so. b. surpluses are inevitable c. quantity demanded exceeds the quantity supplied. d. none of the above
To some economists, the "Great moderation" means:
a. a small change in real wages. b. a low inflation rate. c. a low unemployment rate. d. low output growth variability. e. low money supply growth.
In 2010 the federal government reduced the Social Security tax withholding rate from 12.4 percent (6.2 percent on both the employer and employee) to 8.4 percent (4.2 percent on both the employer and employee) on the wages of all workers. If the supply of labor is relatively inelastic when compared to the elasticity of the demand for labor, the burden of this tax will
a. continue to fall primarily on employees. b. continue to fall primarily on employers. c. be divided equally between employees and employers. d. change from primarily falling on employees to employers.