Under a system of free, competitive markets,
A. a society can usually achieve efficiency only at the expense of equality.
B. poverty cannot exist in the long run.
C. employers do not practice statistical discrimination.
D. income is distributed equally across the population.
Answer: A
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In the very short run
a. new firms may enter the industry. b. existing firms may change the quantity they are supplying. c. price and quantity supplied is absolutely fixed. d. quantity supplied is absolutely fixed.
The payroll tax and the income tax differ in that:
A. the employer pays the payroll tax, and the individual pays the income tax. B. the payroll tax is tied directly to specific programs while the personal income tax goes toward general government revenue. C. employers have to pay both payroll and corporate income taxes, and individuals only have to pay personal income tax. D. the employer pays the payroll tax, but the income tax burden is shared between employer and employee.
An economist has conducted extensive research and has found that Jones Cola is a substitute for Tucker Cola. Ceteris paribus, the price of Jones Cola increases. The impact on the demand curve for Tucker Cola is a(n):
a. increase in demand. b. decrease in demand. c. increase in quantity demanded. d. decrease in quantity demanded.
Theoretically, the price of a field hand on the New Orleans slave market would have
a. varied directly with the price of cotton. b. risen as interest rates fell. c. risen when the importation of slaves became illegal. d. All of the above are true.