An individual's labor-supply curve reveals how he or she chooses to allocate
a. limited dollars between luxuries and necessities.
b. scarce money between goods and services.
c. scarce time between labor and leisure.
d. limited time between work at one job and work at another.
Answer: c. scarce time between labor and leisure.
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The price elasticity of demand for a monopolist's product depends on
A) the number and similarity of substitutes. B) the ATC of the item it produces. C) the AVC of the item it produces. D) the MC of the item it produces.
Under a regressive tax system, the marginal tax rate for high income taxpayers is
a. higher than the marginal tax rate for low income taxpayers. b. the same as the marginal tax rate for low income taxpayers. c. lower than the marginal tax rate for low income taxpayers. d. Any of the above could be true under a regressive tax system.
If banks do not loan out all their excess reserves, then the real world multiplier is
A) smaller than 1/RR. B) larger than 1/RR. C) equal to 1/RR. D) not related to 1/RR.
Financing government expenditure through deficits rather than through taxes will lead to higher spending if
A) it results in crowding in. B) it results in crowding out. C) people are more aware of taxes than they are of deficits. D) people are more aware of deficits than they are of taxes.