Whether a tax is levied on sellers or buyers, buyers and sellers usually share the burden of taxes
a. True
b. False
Indicate whether the statement is true or false
True
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An efficient allocation of resources occurs when we
A) produce the goods and services that people need. B) cannot produce more of a good or service without giving up some other good or service that we value more highly. C) produce the goods and services that people want. D) cannot produce more of a good or service without giving up some other good or service that we need.
The unemployment rate is calculated as follows:
A) labor force/number of unemployed. B) labor force participation rate/number of unemployed. C) number of unemployed/labor force. D) number of employed/labor force.
A risky small business stands the best chance of finding external financing from
A) a commercial finance company. B) a commercial bank. C) an investment bank. D) trade credit.
To be effective, a price floor must be
a. above the equilibrium price. b. at the equilibrium price. c. below the equilibrium price. d. anywhere on the graph.