A more equal distribution of income
A. might hurt the incentive to work.
B. would not hurt the incentive to work.
C. would be opposed by nearly all Americans.
D. would hurt the poor.
A. might hurt the incentive to work.
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Oil and oil products remain the main fuel for cars, planes, ships, and power plants. The amount of oil still in the earth is finite. Given this information, the supply of gasoline is ________.
A. relatively elastic B. greater than the quantity demanded C. relatively inelastic D. unit elastic
Without any change in the supply of labor, how are the following events likely to change the equilibrium wage and employment level in a firm that manufactures umbrellas?
a) A forecast of higher rainfall this year b) A decrease in the price of raincoats c) The introduction of labor-saving technology in the factory
Firms in monopolistic competition have rivals that
A) match their price increases. B) match their price decreases. C) agree on a common price. D) set their prices according to the demand curves they face.
"Household production" refers to
A) goods and services people produce for themselves. B) the manufacturing of durable household products. C) home-based craft businesses. D) the home building sector of the economy.