Lawmakers can decide whether the buyers or the sellers must send a tax to the government, but they cannot legislate the true burden of a tax
a. True
b. False
Indicate whether the statement is true or false
True
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Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400
Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold their tickets for $3,000. These results are evidence of A) the high value fans place on watching the Super Bowl in person, rather than on television. B) the failure of consumers to ignore sunk costs. C) consumers being overly optimistic about their future behavior. D) the failure of consumers to take into account nonmonetary opportunity costs.
Political candidates tend to be very similar in a representative democracy because _____
a. most candidates are wealthy b. the average voter demands conformity c. of cyclical majorities d. party platforms converge toward the median voter
If total output increases from $1 trillion to $2 trillion as population increases from 100 million to 200 million, then output per person:
A. remains constant. B. doubles. C. decreases. D. increases, but by less than 100 percent.
About ______% of the labor force belongs to a labor union.
A. 8 B. 12 C. 19 D. 26