Monopoly is characterized by
A. a horizontal demand curve.
B. many close substitutes.
C. no barriers to entry.
D. a downward sloping demand curve.
Answer: D
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Which of the following is true of an expansionary gap? a. It develops when the expected price level exceeds the actual price level
b. In the long run, this gap will close when resource suppliers negotiate lower resource payments. c. It measures the amount by which actual output falls short of the economy's potential. d. In the long run, this gap will close when the short-run aggregate supply curve shifts rightward. e. In the long run, this gap will close when resource suppliers negotiate higher resource payments.
Governments can use price elasticity of demand to estimate how changes in excise tax rates will affect
a. income b. prices c. tax revenues d. government spending e. profits
Which is not true of current U.S. payroll taxes?
A. They are used to fund Social Security. B. They account for about 35 percent of federal revenues. C. They are proportional taxes because there is only one listed tax rate. D. They are levied on wages and salaries but not investment income.
In the market for labor, the price of labor is the:
A. number of hours employed per year. B. real wage. C. same as price of the product produced by the labor. D. marginal product of labor.