The English system of market overt and fairs
(a) were initially transferred to American shores where goods and services could be bought and sold legally without an official witness
(b) flourished in the late colonial economy because of their foundation of protective regulations.
(c) replaced the rule of caveat emptor in colonial America because they covered fraud.
(d) firmly planted themselves in colonial America and continue to guide market transactions today.
(a)
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Suppose sellers of perfume are required to send $1.00 to the government for every bottle of perfume they sell. Further, suppose this tax causes the price paid by buyers of perfume to rise by $0.60 per bottle. Which of the following statements is correct?
a. The effective price received by sellers is $0.40 per bottle less than it was before the tax. b. Sixty percent of the burden of the tax falls on sellers. c. This tax causes the demand curve for perfume to shift downward by $1.00 at each quantity of perfume. d. All of the above are correct.
Taxes on labor encourage which of the following?
a. labor demand to be more inelastic b. mothers to stay at home rather than work in the labor force c. workers to work overtime d. fathers to take on second jobs
Which of the following correctly describes an aspect (or aspects) of the U.S. experience with affirmative action?
a. The Civil Rights Act of 1964 made it a felony for any private firm to employ a smaller percentage of minority workers than their overall percentage of the general population. b. All companies doing business with the federal government are required to set numerical hiring, promotion, and training goals to ensure that these firms did not discriminate in hiring based on race, sex, religion, or national origin. c. In 1989 the U.S. Supreme Court ordered Richmond, Virginia, to enact set-aside programs to reserve 30 percent of all construction work for minorities. d. The firms doing business with the federal government are allowed to discriminate in hiring based on race, sex, religion, or national origin.
Suppose that the typical consumer buys one apple and one orange every month. In the base year 1986, the price for each was $1. In 1996, the price of apples rises to $2, and the price of oranges remains at $1. Assuming that the CPI for 1986 is equal to 1, the CPI for 1996 would be equal to:
A. 1/2. B. 1. C. 3/2. D. 2.