Market economies are more decentralized than planned economies
a. True
b. False
A
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Consider a good whose own price elasticity of demand is -0.5 and price elasticity of supply is 1.5. The fraction of a specific tax that will be passed through to consumers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
The vicious circle of poverty is the trap that parents with low education tend to have children with low education
a. True b. False Indicate whether the statement is true or false
Labor unions: a. have no influence over wages
b. can influence wages by restricting labor supply. c. are illegal in the United States. d. have significantly increased their membership in the last two decades.
Which of the following correctly matches the income payment with the resource?
a. rent–land; wages–labor; interest–capital; profits–entrepreneurship b. profits–land; wages–labor; rent–capital; interest–entrepreneurship c. taxes–land; interest–labor; rent–capital; profits–entrepreneurship d. interest–land; taxes–labor; interest–capital; rent–entrepreneurship e. rent–capital; profits–labor; wages–land; interest–entrepreneurship