People are willing to give up monetary rewards to promote fairness
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose Coke and Pepsi are perfect substitutes. a. Derive the shape of the (uncompensated) demand curve. b. Derive the shape of the compensated demand (or MWTP) curve.
What will be an ideal response?
If an increase in the price of some goods outweighs other prices that remain constant or decrease then there is:
A. Inflation. B. Deflation. C. Stagflation. D. Reflation.
When income is $15,000, the amount of income taxes owed is $1,500; when income increases to $20,000, the amount owed increases to $3,000. The average income tax rate when a person earns $15,000 is
A) 75 percent. B) 10 percent. C) 13.3 percent. D) 20 percent.
In cities with rent controls, the actual rents paid can be higher than the legal maximum. One explanation for this is
A) rent control laws are so complicated that landlords and tenants may not be aware of what the legal price is. B) landlords are allowed to charge more than the legal maximum on some apartments so long as they charge less on others. C) because there is a shortage of apartments, tenants often are willing to pay rents higher than the law allows. D) the legal penalty landlords face for charging more than the legal maximum rent is less than the revenue earned by charging their tenants more than the maximum rent.