Output per person must be ________ output per worker.
A. equal to
B. less than or equal to
C. no more than half the size of
D. greater than or equal to
Answer: B
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Refer to Sales Tax. Area C + D + F + G
The following questions refer to the accompanying diagram which shows the effects of a sales tax imposed on consumers. The initial price and quantity are P0 and Q0, respectively. After the tax is imposed, the equilibrium quantity is Q1, firms receive the price Ps, and consumers pay the price Pd.
a. the total value that consumers receive from their purchases.
b. the tax revenue collected by the government.
c. the fall in producers' surplus.
d. the deadweight loss due to the tax.
Concentration ratios measure the:
A. geographic location of the largest corporations in each industry. B. degree to which product price exceeds marginal cost in various industries. C. percentage of total industry sales accounted for by the largest firms in the industry. D. number of firms in an industry.
Joseph decides to join the Big State University's football team when he learns that his health insurance will pay for any subsequent injury. This illustrates
A) a moral hazard problem. B) monopolistic behavior. C) a symmetric information problem. D) oligopolistic behavior.
Scenic Cinemas surveyed its audience and found that while most movie goers prefer weekends, seniors visit on weekdays. How should the theatre respond?
a. Increase prices for the weekday shows, decrease the prices for the weekend shows b. Decrease both the weekday and weekend ticket prices c. Decrease prices for the weekday shows, increase prices on the weekends d. Increase both the weekday and weekend prices