In what three ways do people use their time?
a. market work, selling labor in the labor market, and leisure
b. producing their own goods and services, nonmarket work, and market work
c. nonwork, work, and leisure
d. market work, nonmarket work, and leisure
e. market work, nonwork, and leisure
D
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Which of the following is a tax on labor?
a. Medicare tax b. inheritance tax c. sales tax d. All of the above are labor taxes.
Political instability is an obstacle to development in:
A. both market and socialist economies. B. neither market nor socialist economies. C. market economies. D. socialist economies.
Which of the following statements best illustrates the concept of derived demand?
A. As income goes up, the demand for farm products will increase by a smaller relative amount. B. A decline in the price of margarine will reduce the demand for butter. C. A decline in the demand for shoes will cause the demand for leather to decline. D. When the price of gasoline goes up, the demand for motor oil will decline.
The Coase Theorem states that externalities can always be eliminated by the market as long as property rights exist, the number of parties involved is small, and transactions costs are low
Indicate whether the statement is true or false