The voices of business and industry are less likely to influence government policy than the voices of consumers in the HPAE
Indicate whether the statement is true or false
FALSE
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In the United States, income is more equally distributed than measured wealth
Indicate whether the statement is true or false
Refer to Figure 18-2. If the government imposes an excise tax of $1.00 on every unit sold, what is the size of the deadweight loss, if there is any?
A) the area adc if the supply curve is S0 and the area bec if the supply curve is S1. B) the area becf under either supply curve. C) the area afcd if the supply curve is S0 and the area bfce if the supply curve is S1. D) There is no deadweight loss; revenue raised is used to fund government projects.
If real GDP increases we know for sure that
A) prices have risen but output has remained constant. B) output has risen. C) prices have remained constant. D) prices have risen.
We manufacturer automobiles given the production function q = 5KL where q is the number of autos assembled per eight-hour shift, K is the number of robots used on the assembly line (capital) and L is the number of workers hired per hour (labor)
If we use K=10 robots and L=10 workers in order to produce q = 450 autos per shift, then we know that production is: A) technologically efficient. B) technologically inefficient. C) maximized. D) optimal.