Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. When a state makes car insurance compulsory, decreasing the number of uninsured drivers, roads tend to become less hazardous.
Answer the following statement true (T) or false (F)
False
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The business cycle reflects both short-run fluctuations in output and long-run economic growth.
The above figure shows a competitive firm's demand for labor assuming that the firm's output sells for $1 per unit. If the wage is $5 per hour, the firm will hire
A) 10 units of labor per hour. B) 5 units of labor per hour. C) 2.5 units of labor per hour. D) 0 units of labor per hour.
A proportional tax is defined as a tax for which the
a. average tax rate rises as income increases. b. average tax rate falls as income increases. c. average tax rate remains constant at all levels of income. d. dollar tax liability of those with higher income is the same as the dollar tax liability of those with lower income.
Economic efficiency indicates that
a. if something is worth doing, you should do it as well as humanly possible. b. all pollution should be eliminated. c. automobiles should be made as safe as possible d. it nearly always makes sense to stop an activity well before perfection is achieved.