The opportunity cost of labor is the time forgone for leisure
a. True
b. False
Indicate whether the statement is true or false
True
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A tax is imposed on wine. Sellers will bear no burden from this tax if the: a. demand for wine is perfectly inelastic
b. demand for wine is perfectly elastic. c. demand for wine is unit elastic. d. supply curve for wine is perfectly inelastic.
Consumer surplus is the area located on the demand and supply graph ________ the equilibrium price point
a. below b. at the same point as c. above d. it is not found on the demand and supply graph
When an economy is operating efficiently, which is TRUE?
A. All resources are fully employed. B. Resources are not fully employed or current technology is not being fully utilized. C. It would be possible to increase the output of 1 good without decreasing the output of the other. D. This economy is operating to the right of its production possibilities curve (PPC).
Consumer groups tend to lobby for
A) price floors. B) price ceilings. C) quantity quotas. D) taxes.