The civilian labor force consists of:
A. all civilians over the age of 16.
B. the employed plus the unemployed who are not in the military.
C. only individuals who are actually at work during a given week.
D. civilians who are not in prisons or mental hospitals.
Answer: B
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If Canada imposes a tariff on bananas and if none are grown in Canada, this tariff has
A) only revenue effects. B) only protective effects. C) both protective and revenue effects. D) neither protective nor revenue effects.
The CPI is all of the following EXCEPT the:
A. cost of living relative to the base year. B. consumer price index. C. average level of prices relative to prices in the base year. D. rate of inflation between the current period and the base year.
According to the ability-to-pay principle of taxation
A) people in the same economic situation should bear an equal share of the tax burden. B) individuals who are willing to bear a greater share of the tax burden should be compensated with non-monetary benefits. C) it is fair to expect a greater share of the tax burden to be borne by people who have a greater ability to pay. D) individuals who receive the benefit of a good or service should bear a greater share of the tax burden.
The elasticity of supply of rental units in New York City is estimated to be about 0.10. Current price restrictions (price floors) are estimated to decrease the price of rental units by 10% below equilibrium price
By how much would price and quantity supplied change if the price floors were removed from the rental unit market in New York City? A) Price will increase by 10% and quantity supplied will increase by 1%. B) Price will decrease by 10% and quantity supplied will increase by 1%. C) Price will increase by 10% and quantity supplied will decrease by 1%. D) Price and quantity supplied will increase by 10%.