Refer to the information provided in Figure 19.1 below to answer the question(s) that follow.
Figure 19.1 Refer to Figure 19.1. The employers? tax burden is
A. $0.
B. $700.
C. $1,400.
D. $2,100.
Answer: D
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What will be an ideal response?
With only two goods, if the income effect is in the opposite direction as the substitution effect but the income effect dominates then the good is
a. normal b. inferior but not Giffen c. Giffen d. There is not enough information to answer.
The human consequences of the Great Depression included
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a. $0 b. $25 c. $50 d. $75