According to the textbook, the union wage premium for workers with the same amount of human capital is about ________.
A. 30 percent
B. 20 percent
C. 40 percent
D. 10 percent
Answer: D
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The Federal Reserve plays a larger role than Congress and the president in stabilizing the economy because
A) the Federal Reserve can more quickly change monetary policy than the president and the Congress can change fiscal policy. B) changes in interest rates have their full effect on the economy in a short period of time, whereas changes in government spending and taxes have their full effect over a long period of time. C) the Federal Reserve can immediately recognize when real GDP is below or above potential GDP. D) changes in interest rates have a considerably larger effect on the economy than changes in government purchases or taxes.
One criticism of the corporate income tax is that
A) it is too regressive. B) it is too flat. C) it is so complex to administer that corporate income taxes are rarely collected by the Internal Revenue Service. D) a portion of the corporations' tax burden is passed on to consumers via higher prices for goods and services and to workers via lower wages.
In perfect competition, a firm’s marginal revenue equals the price of the product.
Answer the following statement true (T) or false (F)
A monopoly firm is different from a perfectly competitive firm in that
A. there are many substitutes for the monopolist's product, whereas there are no close substitutes for the perfectly competitive firm's product. B. the monopolist's demand curve is perfectly inelastic, whereas the perfectly competitive firm's demand curve is perfectly elastic. C. the monopolist can influence price in the market, whereas the perfectly competitive firm is a price taker. D. All of these choices are true.