The share of GDP taken by taxes is considerably higher in the United States than in other countries
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to Scenario 17.3. If there is no insurance and a fire protection program in place, the expected loss from fire for this company is
A) $0. B) $300. C) $3,000. D) $6,000. E) $300,000.
Suppose the price level falls. Because of fixed nominal wage contracts, firms become less profitable and they cut back on production. This is a demonstration of the
A. classical dichotomy theory of the short-run aggregate-supply curve. B. sticky-wage theory of the short-run aggregate-supply curve. C. misperceptions theory of the short-run aggregate-supply curve. D. sticky-price theory of the short-run aggregate-supply curve.
Figure 3-12
In , suppose D1 and S1 indicate initial conditions in the market for ice cream. Which of the following changes would tend to shift this market from D1 to D2?
a.
an increase in the price of milk, an ingredient used to produce ice cream
b.
an increase in the price of frozen yogurt, a substitute for ice cream
c.
a decrease in the price of sugar, an ingredient used to produce ice cream
d.
a decrease in consumer income
Holly reads that the US unemployment rate is 9.5% in August. She knows that there are labor ____ and that wages will eventually ____
Fill in the blank(s) with the appropriate word(s).