Which of the following does NOT involve transfers in kind?
A. food stamps
B. income tax refund
C. Medicare
D. public housing
Answer: B
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If the production technology in a Robinson Crusoe economy has increasing returns to scale, there is no production/consumption plan that is efficient.
Answer the following statement true (T) or false (F)
The deadweight loss of taxation:
A. is the lost consumer surplus due to a gain in producer surplus from a tax. B. is the lost producer surplus due to a gain in consumer surplus from a tax. C. is the lost aggregate surplus due to a tax. D. is the difference between consumer and producer surplus after a tax.
A sudden decrease in consumers’ wealth-resulting, for example, from a stock market crash-would initially cause a(n)
A. downward movement along the consumption function. B. downward shift of the consumption function. C. upward movement along the consumption function. D. upward shift of the consumption function.
Suppose the equilibrium wage rate in the labor market is $10 and the demand for labor increases. If wages are sticky, there will be a
A. shortage of labor and the wage rate increases. B. surplus of labor and the wage rate increases. C. shortage of labor and the wage rate stays the same. D. surplus of labor and the wage rate declines.