A state tax assessed specifically on cigarettes is an example of
A) an excise tax.
B) a consumption tax.
C) a social tax.
D) a tariff.
Answer: A
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Your wage this year is $15 per hour and the CPI is 178. Next year you get a raise to $17 and the CPI rises to 185. What has happened?
A) Your real and nominal wages have each increased by the same percentage. B) Your real wage has increased but by a smaller percentage than your nominal wage. C) Your nominal wage has increased but your real wage has declined. D) Your nominal wage has increased but your real wage has not changed. E) Your real wage rate has increased by a larger percentage than your nominal wage.
Matt is offered a job driving the campus shuttle bus from 4 p.m. to 6 p.m. each Monday. His reservation wage for this job is $7 per hour. Now suppose the director offers Matt $50 per hour, but also announces that the earnings from the job will be divided equally among Matt and the 99 other students who live in Matt's dorm. Will Matt accept this job?
A. Yes, although accepting the job means a negative surplus for Matt, still it's better than having no job. B. Yes, accepting the job means a positive surplus for Matt. C. No, although accepting the job means a positive surplus for Matt, still it's not the best option for him. D. No, accepting the job means a negative surplus for Matt.
Exhibit 4-1 Supply and demand data Price Quantitydemanded Quantitysupplied $1.00 500 50 1.50 450 150 2.00 400 250 2.50 300 300 3.00 150 350 In Exhibit 4-1, suppose that a reduction in the price of an important input used to produce the good causes an increase in quantity supplied of 150 units at every price level. Assuming that demand does not change, the new equilibrium price will be:
A. $1.00. B. $1.50. C. $2.00. D. $2.50.
The Federal Reserve System was founded in:
A. 1913. B. 1929. C. 1933. D. 1935.