A tax is efficient if it imposes a small excess burden relative to the tax revenue it raises
Indicate whether the statement is true or false
TRUE
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Which of the following people would be counted among the unemployed?
a. A new college graduate selling newspaper advertisements part time while looking for other work b. A new college graduate selling newspaper advertisements full time while looking for other work c. A new college graduate selling newspaper advertisements part time and not looking for other work d. A new college graduate who gets tired of selling newspaper advertisements and takes off on a motorcycle trip to Alaska e. A new college graduate not qualified for any of the jobs available in his small town
Choices must be made because of scarcity; people do not have enough time or money to get everything they want
a. True b. False Indicate whether the statement is true or false
If you were a Keynesian and wanted to stimulate the economy (to increase real GDP), you would
a. increase the money supply to lower the interest rate in order to increase investment b. increase the money supply to lower the interest rate in order to decrease investment c. decrease the money supply to lower the interest rate in order to increase investment d. decrease the money supply, which causes consumption to increase and saving to fall e. increase the money supply, which causes the interest rate to increase and production to increase as well
Last year your job at the university cafeteria paid you $9 an hour and the price of a ten-minute long distance call to your girlfriend in California was $4 . This year your cafeteria job pays $9.90 per hour and the ten-minute phone call now costs $4.10 . You are clearly
a. worse off because of inflation. b. worse off because the phone call is now relatively more expensive. c. better off because your wage rate went up. d. better off because the phone call now costs less work.