Worker mobility and transition aid to workers are two ways to offset some of the impacts of:
A. increasing wage inequality.
B. increases in the labor supply.
C. the slowdown in productivity growth.
D. the slowdown in real-wage growth.
Answer: A
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When a single tax is imposed, the excess burden is proportional to the compensated elasticity of demand and to the square of the tax rate.
A. True B. False C. Uncertain
The relationship between the quantity of inputs and the quantity of output is called the:
A. law of diminishing returns. B. average product. C. marginal product. D. production function.
Table 21.4Output (Units per Day)Total Cost (Dollars per Day)016130242358478At 4 units of output in Table 21.4, total fixed costs are
A. $78.00. B. $19.50. C. $20.00. D. $16.00.
In developing prospect theory, which of the following did behavioral economists not discover about people's reaction to goods and bads?
A. People feel equivalent losses and gains in equal measure, supporting the assumption that consumers behave rationally. B. People are generally loss averse, feeling losses more intensely than gains. C. People judge good and bad outcomes relative to the status quo. D. People experience both diminishing marginal utility from gains and diminishing marginal disutility from losses.