Which question is an illustration of a microeconomic question?
a. Is the quantity of wine purchased in one year dependent upon the price of wine?
b. Is the purchasing power of the dollar higher or lower today than it was in 2000?
c. Does government spending influence the total level of employment in the economy?
d. Is capitalism superior to socialism?
a. Is the quantity of wine purchased in one year dependent upon the price of wine?
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All of the following are required to make a tying arrangement vulnerable to antitrust prosecution except which one?
A) There must be at least three products involved. B) There must be proof of an actual tie between two products. C) The seller must have substantial market power in the market for the tying product. D) There must be some nontrivial amount of commerce affected by the tying contract.
Most U.S. workers have wages well above the legal minimum, so minimum-wage laws do not prevent the wage from adjusting to balance supply and demand
a. True b. False Indicate whether the statement is true or false
A tariff shifts the ___________ curve to the ___________.
A. demand; right B. demand; left C. supply; right D. supply; left
A regressive tax is one where the taxpayer's percent of income paid in taxes will ____ as incomes increase. An example is the ____
a. decrease; sales taxes on food b. decrease; state corporate income taxes c. increase; property taxes on residential real estate d. increase; federal household income taxes