Which of the following is not an example of a consumption good?
a. video games
b. a television
c. a tractor
d. a trip to Hawaii
c
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The income-expenditure model focuses on changes in
A) price. B) operational lags. C) output levels. D) import restrictions.
A key lesson from the payroll tax is that the
a. tax is a tax solely on workers. b. tax is a tax solely on firms that hire workers. c. tax eliminates any wedge that might exist between the wage that firms pay and the wage that workers receive. d. true burden of a tax cannot be legislated.
Reese has recently left her teaching job to open a bakery. The ______ is an example of the implicit costs of her bakery business.
a. rent she pays for the commercial space b. teaching salary she gave up to start her bakery c. monthly payments she makes for bakery equipment d. wages she pays her counter assistant
When the economy is using all of its factors of production, the aggregate supply curve is vertical
Indicate whether the statement is true or false