The discovery and utilization of vast, previously unknown oil and mineral deposits in a country will increase:
A. the unemployment rate.
B. average labor productivity.
C. the share of the population employed.
D. the quantity of human capital.
Answer: B
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Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket falls from $50 to $20
A) only three tickets will be sold. B) everyone will buy a ticket. C) consumer surplus decreases from $48 to $24. D) consumer surplus increases from $0 to $62.
Refer to Figure 4-21. The figure above represents demand and supply in the market for cigarettes. Use the diagram to answer the following questions
a. How much is the government tax on each pack of cigarettes? b. What portion of the unit tax is paid by consumers? c. What portion of the unit tax is paid by producers? d. What is the quantity sold after the imposition of the tax? e. What is the after-tax revenue per pack received by producers? f. What is the total tax revenue collected by the government? g. What is the value of the excess burden of the tax? h. Is this cigarette tax efficient?
A medium of exchange is
A. the only job of money. B. the least important job of money. C. the most important job of money.
We would not consider ________ an act of capital investment.
A. a city government building a new fire station B. a company purchasing solar panels for its headquarters C. a florist delivering roses on Valentine's Day D. a son paying for his mother to go back to college