During a severe recession, we would expect output to fall the most in
A. agriculture.
B. the construction industry.
C. the clothing industry.
D. the health care industry.
Answer: B
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If a university expects $160,000 in ticket revenue from five home football games and $180,000 in ticket revenue if it adds a sixth game, the
A) marginal revenue of the sixth game is $20,000, B) marginal revenue of the sixth game is $30,000. C) sixth game will cost more than each of the previous five games. D) university should add a sixth game only if the average cost of a game is less than $30,000.
Lump-sum taxes reduce the total amount of revenue that can be raised because:
A. people perceive them to be unfair. B. they have large administrative burdens. C. the size of the tax is limited by the poorest citizens' ability to pay. D. they are often applied inefficiently.
A major macroeconomic goal of nearly every society is: a. maintaining stability of prices
b. maintaining high levels of employment. c. achieving high rates of economic growth. d. all of the above.
A minimum wage law prohibits employers from paying workers less than a specified hourly wage. If the minimum wage is above the equilibrium wage:
A. there will be an excess demand for labor. B. employment levels will not fall. C. there will be an excess supply of labor. D. it creates a price ceiling.