When economy-wide business activities are increasing, they are referred to as
A. expansions.
B. contractions.
C. corrections.
D. anti-cycles.
Answer: A
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Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from S1 to S2. The amount of the tax paid by the consumer is
A. $2.25. B. $0. C. $1.00. D. $1.25.
Ann and Lynn have been arrested by the police, who have evidence that will convict them of robbing a bank. If convicted, each will receive a sentence of 6 years for the robbery
During questioning, the police suspect that Ann and Lynn are responsible for a series of bank robberies. If both confess to the series, each will receive 12 years in jail. If only one confesses, she will receive 4 years and the one who does not confess will receive 14 years. What is the equilibrium for this game? A) Both confess. B) Ann confesses and Lynn does not confess. C) Lynn confesses and Ann does not confess. D) Neither confess.
Refer to Figure 4-8. What is the value of producer surplus after the imposition of the ceiling?
A) $40,000 B) $100,000 C) $300,000 D) $430,000
After Hurricane Katrina, construction wages in New Orleans rose partly because of the loss of a working population.
Answer the following statement true (T) or false (F)