If actual output is greater than the full-employment level of output, we should expect wages to increase over time
a. True
b. False
A
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A supply curve slopes upwards because
a. the higher the price the lower the quantity that the sellers are willing to supply b. the higher the price the higher the quantity that the sellers are willing to supply c. the quantity supplied in insensitive to price d. an increase in price brings the quantity sold down to zero
When economists refer to capital, they might mean
a. money b. human skills used in production c. stocks d. bonds e. bank loans
Which of the following is a difference between a tax and a subsidy? a. A tax is money paid to the government, while a subsidy is money received from the government
b. There is a deadweight loss associated with a tax, while there is no deadweight loss associated with a subsidy. c. A tax increases quantity supplied, while a subsidy decreases quantity supplied. d. A tax increases consumer surplus, while a subsidy decreases producer surplus
Voluntary programs are dependable ways to protect the environment.
Answer the following statement true (T) or false (F)