Jake retired from the police force. He started working an hour or two a day at a paid job in city's courthouse. Jake is
A. not in the labor force.
B. in the labor force.
C. employed.
D. unemployed.
Answer: C
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
Your neighbor likes to blast 1970's rock music and the louder the better. The loud music imposes a cost on you because it disrupts your study of economics. Let D stand for the volume of his music in decibels, B for his benefits and C for your costs, where B and C are measured in dollars. For any given volume, D, your neighbor's benefit is B = 0.63D - 0.002D2 and your cost is C = 0.06D + 0.001D2. What is the efficient Pigouvian tax?
A. $0.75 per decibel B. $0.29 per decibel C. $0.24 per decibel D. $0.25 per decibel
Diego's annual income increased from $20,000 to $25,000 . If Diego faces a 40 percent effective marginal tax rate, the $5,000 increase in income will expand his disposable income by
a. $2,000. b. $3,000. c. $3,600. d. $5,000.
The fair trade movement:
A. attempts to inform and influence consumers' choices. B. is designed to stop unfair trade practices. C. is a set of laws around production processes in other nations. D. a big hindrance to international trade.