The idea that income redistribution violates the proposition that "one is entitled to the fruits of one's efforts" is a common argument most used
A. in favor of income redistribution.
B. against income redistribution.
C. in favor of an equal distribution of income.
D. in favor of raising the minimum wage.
Answer: B
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Suppose the production function for T-shirts can be represented as q = L0.25 K0.75. Show that the production function has constant returns to scale
What will be an ideal response?
The California cigarette market consists of the following supply and demand curves:
QD = 150 - 20p QS = 40p where Q is the number of packs of cigarettes per year (in millions!), and p is the price per pack. a. Compute the market equilibrium price and quantity. b. Calculate the price elasticities of each curve at the equilibrium price/quantity. c. California imposes a tax on cigarettes of $0.90 per pack. Suppliers pay this tax to the government. Compute the after-tax price and quantity. How much do suppliers receive net of tax (per pack)? d. Demand for cigarettes is generally more elastic over longer periods of time as consumers have more time to kick the habit. What does this imply about the tax incidence in the long run as compared to the short run?
Savings accounts have specific maturity dates
a. True b. False Indicate whether the statement is true or false
Figure 14-6
In the situation shown in , how could the Fed return the economy to potential output?
a.
decrease government spending
b.
increase taxes
c.
decrease taxes
d.
shift to a more restrictive monetary policy
e.
shift to a more expansionary monetary policy