Farmers can produce wheat and/or rice. What will happen in the wheat market if there is an increase in the price of rice?
A. Wheat supply will increase.
B. Wheat supply will decrease.
C. Wheat demand will increase.
D. Wheat demand will decrease.
Answer: B
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According to the classical dichotomy, which of the following is influenced by monetary factors?
a. the real wage. b. the real interest rate. c. the nominal interest rate. d. All of the above are correct.
The labor-force participation rate measures the percentage of the
a. total adult population that is in the labor force. b. total adult population that is employed. c. labor force that is employed. d. labor force that is either employed or unemployed.
An equilibrium in a game in which players pursue their own self-interests and do not cooperate is called a
A) cartel equilibrium. B) noncooperative equilibrium. C) prisoner's dilemma equilibrium. D) dominant strategy equilibrium.
Answer the following statements true (T) or false (F)
1. Corporate income taxes contribute more to Federal tax revenues than do personal income taxes. 2. The largest source of tax revenue for state governments is the property tax. 3. Only a few states use state-run lotteries to increase their revenues and pay for expenditures. 4. More than 50% of local and state employees are employed in the education sector. 5. If an income tax is progressive, the average tax rate will increase as incomes increase.