Which one of the following persons would be classified as unemployed by the Bureau of Labor Statistics?
What will be an ideal response?
Joe, who is on layoff waiting for better weather so he can return to his construction.
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An increase in consumer incomes will lead to
A) a rightward shift of the demand curve for plasma TVs. B) a movement upward along the demand curve for plasma TVs. C) a rightward shift of the supply curve for plasma TVs. D) no change of the demand curve for plasma TVs.
Public goods are desired because
A) people want and value them but the private sector will not make them available. B) we want the government to spend our tax dollars. C) they came in small units. D) they make supply equal to demand for private goods.
Correcting a market with an externality through taxation is ________ correcting it through a quota.
A. less efficient than B. more efficient than C. just as efficient as D. Any of these statements could be true depending on whether the tax is imposed on the buyer or seller.
When increased demand raises the price of the product, the
A. marginal revenue product will fall. B. marginal revenue product will remain unchanged. C. sales will fall. D. marginal revenue product will also increase.