The consumer price index includes all of the following goods and services except
a. bonds of US corporations
b. French wine
c. Japanese VCRs
d. used cars
e. toiletries
A
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Labor unions support the minimum wage because
A) the increased unemployment is good for labor. B) the value associated with the deadweight loss goes to labor unions. C) labor unions prefer to operate in black markets. D) it puts upward pressure on all wages. E) union members are usually paid the minimum wage.
A consumption tax generally will be borne according to labor earnings.
A. True B. False C. Uncertain
Refer to the table below. If the profit for each unit of paper product is $2 and the profit for each unit of lumber is $5, what is Big Oaks' marginal cost of producing between points D and E on their production possibilities frontier?
Big Oaks can produce either paper products or lumber with each tree that they harvest. Because Big Oaks can adjust the amount of paper products and lumber they produce from the harvested trees, paper products and lumber are produced in variable proportions. The above table summarizes Big Oaks production possibilities from each harvested tree.
A) $22.50
B) $4.50
C) $9
D) $10.50
The price elasticity of demand for a vertical demand curve is:
a. 0. b. -1. c. 1. d. - infinity.