Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4Refer to Figure 2.4. The economy moves from Point E to Point B. This could be explained by
A. a change in society's preferences for hybrid cars versus motorcycles.
B. an increase in economic growth.
C. an increase in unemployment.
D. a reduction in unemployment.
Answer: A
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A minimum wage set above the equilibrium wage will ________ the quantity of labor demanded and ________ the quantity of labor supplied
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease E) not change; not change
"People who make more money should pay higher taxes" is an example of
a. the benefits principle. b. horizontal equity. c. vertical efficiency. d. the ability-to-pay principle.
Kelly is willing to pay $5.20 for a gallon of gasoline. The price of gasoline at her local gas station is $3.80 . If she purchases ten gallons of gasoline, then Kelly's consumer surplus is
a. $1.40. b. $14. c. $3.80. d. $52.
For a given money demand curve, an ________ in the money supply drives down the interest rate, and a ________ in the money supply drives up the interest rate
a. decrease; increase b. decrease; decrease c. increase; decrease d. increase; increase