Issuing coupons, waiting in line, and catering to favored customers are all methods of
A. exploiting wealth.
B. nonprice rationing.
C. unbiased favoritism.
D. income distribution.
Answer: B
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An increase in the employment tax should have a relatively small effect on output if the labor supply curve
A) is perfectly horizontal. B) has a positive slope. C) is relatively flat. D) is relatively stee
Can phenomena as diverse as pencil production and highway traffic be legitimately studied by economists?
A) No. One is properly in the field of business, the other in city planning. B) No. Although production is properly in the field of economics, highway traffic is only properly studied by planners and environmentalists. C) Yes. Both phenomena emerge from choices of individuals with limited information. D) Yes. Both phenomena emerge in the market system without any human intervention.
Which of the following implies a decline in labor productivity in an economy?
a. A high rate of growth in capital formation b. An improvement in input quality c. A decrease in the production of goods and services d. An increase in the budget surplus in the economy e. A decrease in the prices of goods and services
Many firms have implicit and explicit costs. The difference between them is that implicit costs
a. are taken into consideration for tax purposes while explicit costs are not b. are the same as explicit costs but are internalized within the firm, such as hiring labor c. are part of accounting costs while explicit costs are not d. represent actual money payments to factors of production while explicit costs do not e. although not involving money payments are the opportunity costs of resources used by the firm