Refer to the information provided in Figure 3.10 below to answer the following question(s).
Figure 3.10Refer to Figure 3.10. A decrease in the wage rate of pizza makers will cause a movement from Point B on supply curve S2 to
A. Point A on supply curve S2.
B. supply curve S3.
C. Point C on supply curve S2.
D. supply curve S1.
Answer: B
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If the price level doubles, the value of money
A) doubles. B) more than doubles, due to scale economies. C) rises but does not double, due to diminishing returns. D) falls by 50 percent.
The costs associated with the user cost of capital include all of the following except
A) the real price of the capital good. B) the expected change in the marginal cost of capital based on expectations of the future. C) the real interest cost of borrowing to finance the purchase of the capital good. D) the depreciation costs associated with actually using the capital good.
The American individual income tax is:
A. progressive. B. regressive. C. proportional. D. a lump sum.
Term limits on political offices have all of the following properties except:
A. prevent officials from holding office for longer than a certain amount of time. B. discourage corruption by ensuring that one person isn't allowed to hold onto power for too long. C. can encourage corruption in reality by placing an official in power with no incentive to answer to his constituency. D. encourage people to run for multiple different political offices.