The unemployment insurance program
a. makes recessions and inflationary episodes more severe
b. makes recessions and inflationary episodes less severe
c. makes recessions more severe and inflationary episodes less severe
d. makes recessions less severe and inflationary episodes more severe
e. has no effect on the severity of recessions and inflationary episodes
B
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Refer to Sales Tax. After the tax is imposed, social gain is equal to
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. area A + D + E + G + H + J.
b. area B + C + F + I - J.
c. area A + B + C + D + E + F + G + H + I.
d. area A + B + C + D + F + G + I.
A surplus in our balance of payments causes the dollar to __________, which causes the surplus to __________
A) appreciate; increase B) appreciate; decrease C) depreciate; increase D) depreciate; decrease
Inclusive property rights give an individual less options and lower incentives to avoid inefficient choices
Indicate whether the statement is true or false
Which of the following comparisons is true regarding price elasticity of demand?
A. The demand for monthly car payments is less elastic than the demand for a monthly gym membership because the car payments require a greater share of the consumer's income. B. The demand for gasoline a year after a price change is less elastic than the demand for gasoline a week after a price change because consumers have had time to adjust. C. The demand for water is less elastic than the demand for diamonds because water is a necessity but diamonds are a luxury. D. The demand for cough syrup is less elastic than the demand for insulin because there are no close substitutes for insulin.