The tax incidence on buyers is higher if ________
A) the buyers and sellers of a good are equally sensitive to price changes
B) the elasticity of the market demand curve is higher than the elasticity of the market supply curve
C) the elasticity of the market supply curve is higher than the elasticity of the market demand curve
D) the number of sellers in a market is larger than the number of buyers
C
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If the MPC is 0.95, then a $10 million increase in disposable income will
A) increase consumption by $200 million. B) decrease consumption by $105 million C) increase consumption by $9.5 million. D) increase consumption by $950 million.
Within a game theory model, if a change in decision-making raises corporation A's profits by $50 and lowers corporation B's profits by $40, the game is a
A) negative-sum game. B) zero-sum game. C) positive-sum game. D) cooperative game.
Which of the following is an example of featherbedding?
a. a craft union's restricting entry into its profession b. a union-imposed wage floor c. an increase in labor productivity that results from a decrease in quit rates d. attempts to reduce the sale of nonunion goods e. a construction workers union's requiring an unnecessarily large number of workers to do a particular job
A small increase in productivity growth can have a huge impact on a country’s standard of living.
Answer the following statement true (T) or false (F)