Income taxes cause _____
a. individuals to substitute towards leisure
b. individuals to substitute towards jobs with more in-kind benefits
c. individuals to work in underground markets
d. all of the above
d
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Ben is asked to rate the utility he would get from reading different types of publications for the next hour. If he read a graphic novel he would get utility of 5. If he read a biography, he would get utility of 4, and if he read his economics textbook, he would get utility of 9. An economist would predict that Ben will spend his next hour reading:
A. a graphic novel. B. a biography. C. his economics textbook. D. It is impossible to predict how Ben will spend his time.
Several states require cosmetologists to undertake 1,500 hours or more of training in order to obtain a license to provide hair styling or braiding services. This is an example of
a. antitrust legislation. b. government action that promotes competition. c. a barrier to entry d. the legal structure that is required for the operation of price-taker markets.
The automatic stabilizers in the U.S. economy are sufficiently strong to prevent recessions
a. True b. False Indicate whether the statement is true or false
The fact that U.S. managers' salaries are substantially higher than the salaries of comparable managers in Japan may be related to the fact that:
A. there are no government controls on CEOs' earnings in the United States. B. the demand for CEOs has decreased. C. the supply of CEOs has decreased. D. there are more natural monopolies in the United States.