In the above figure, if a Medicare subsidy that had previously been paid by the government has now been eliminated, the result will be
A. a decrease in the price paid by consumers, from Ps to P0.
B. an increase in the price paid by consumers, from P0 to Ps.
C. a decrease in the price received by producers, from Ps to P0.
D. an increase in the price received by producers, from P0 to Ps.
Answer: C
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If a union cannot increase the demand for union labor, then an increase in union wages will result in a decrease in union employment
Indicate whether the statement is true or false
The graph shown demonstrates a tax on sellers. What is the amount of tax revenue being generated from the tax?
A. $150
B. $80
C. $310
D. $135
Government purchases include spending on goods and services by
a. the federal government only. b. state and federal governments only. c. local, state and federal governments. d. local, state and federal governments, as well household spending by employees of those governments.
In the production function, the variable K represents human capital
Indicate whether the statement is true or false