A tax cut that raises the after-tax wage rate will most likely result in more hours worked if
A) tax rates were low already.
B) the relevant portion of the labor supply curve is upward sloping.
C) the relevant portion of the labor supply curve is downward sloping.
D) workers can be easily fooled.
B
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Freedom of entry into a market tends to preserve
A) competition. B) abnormal profits. C) social justice. D) the gap between the price of a good and marginal cost.
In the above figure, if the natural monopoly is not regulated then consumer surplus is
A) $48 million. B) $60 million. C) $108 million. D) $192 million.
If demand increases and supply decreases, then equilibrium price must decrease, but equilibrium quantity is indeterminate
a. True b. False Indicate whether the statement is true or false
Which of the following refers to trade creation?
A. The net change in the volume of trade among member countries when they form a trade bloc B. The net increase in imports when foreign firms lower the prices of their exports C. The net increase in exports when the currency of a country depreciates with respect to a foreign currency D. The net volume of new trade that results from the formation of a trade bloc