Shirking can take the form of:
A. leaving work early.
B. long lunch hours.
C. sleeping at work.
D. All of the statements associated with this question are correct.
Answer: D
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Refer to the above table. Suppose the demand for smartphones rises because more people use the Internet with a smartphone. The new equilibrium price will be
A) $200. B) $275. C) more than $275. D) impossible to be determined given the information.
If the government establishes a target price for particular agricultural products, then
A) the government sets a limit on the quantity of a product that a farmer is allowed to bring to market. B) farmers are paid to take part of their land out of cultivation, the intent being to reduce supply and raise price to the target level. C) farmers are given limits as to the number of acres that can be used to produce a particular product, the intent being to reduce supply and raise price to the target level. D) farmers are paid the difference between the market price of their product and a government-determined price. E) the government establishes a minimum price that farmers will be paid for their product, which causes the farmers to cut back on the number of acres planted in certain products, which, in turn, causes the price to rise to the target level.
Which of the following would most likely occur if the federal government decreased its spending and reduced the size of the budget deficit during a period of full employment?
A. The rate of inflation would decline. B. The rate of inflation would rise. C. The government spending multiplier would double. D. Interest rates would fall.
A payroll tax is imposed on two types of labor: welders and machinists. In the short run, the elasticity of labor supply of welders is much more elastic than the elasticity of labor supply of machinists. Which of the following is true?
A. In the short run, machinists will bear a larger share of the payroll tax than welders. B. In the short run, welders will bear a larger share of the payroll tax than machinists. C. In the short run, welders and machinists will bear the same share of the payroll tax, but in the long run, machinists will bear a larger share of the payroll tax than welders. D. There is not enough information to determine the relative shares of the payroll tax for welders and machinists in either the short run or the long run.