A normal good is a good for which demand increases as the
a. income of demanders increases
b. price of the good increases
c. price of close substitutes decreases
d. total number of consumers decreases
e. supply of the good increases
A
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Entrepreneurship is characterized by
a. the ability to visualize and undertake economically beneficial projects. b. originality and innovation. c. leadership and discovery. d. all of the above.
A major difference between tariffs and import quotas is that
a. tariffs create deadweight losses, but import quotas do not. b. tariffs help domestic consumers, and import quotas help domestic producers. c. tariffs raise revenue for the government, but import quotas create surplus for those who get the licenses to import. d. All of the above are correct.
How much of all income tax is paid by the top 10 percent of earners?
a. one-third b. two-thirds c. one-fourth d. one-half
Which of the following arguments do the following graphs best support in the context of a skill-biased technical change?
a. The efficiency wage model is correct.
b. A minimum wage increases unemployment.
c. Greater productivity leads to higher wages.
d. Unemployment insurance increases unemployment.