If housing prices have increased for the past 20 years, it is almost certain that prices will increase the following year
a. True
b. False
Indicate whether the statement is true or false
False
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Answer the following statement(s) true (T) or false (F)
1. If the legal incidence of a tax is entirely on suppliers, then the tax will have no economic effect on demanders. 2. An excise tax of 20 cents on gasoline shifts demand down by exactly 20 cents. 3. When a sales tax of 20¢ per soda is imposed on soda consumption, the supply curve for soda shifts down by precisely 20¢ per soda. 4. If a rise in supply and a rise in demand occur at the same time, then we know that the price must also rise. 5. If a fall in supply and a rise in demand occur at the same time, then we know that the price must also rise.
Classical economists believed that the economy would always return to full employment
a. True b. False
If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired b. increase the demand for labor, and the union will accept lower wages or fewer workers hired c. decrease the demand for labor, and the union will demand higher wages or more workers hired d. increase the demand for labor, and the union will demand higher wages or more workers hired e. not affect the demand for labor, wages, or workers hired
The government prefers a market-based approach to reduce firms' emissions of a toxic gas but wants to make certain that no more than 1,000 cubic yards of the gas are ever emitted in a single day. The most efficient policy under these circumstances is likely to be a system of
a. per-unit taxes on emissions of the gas. b. per-unit taxes on the goods produced by firms that emit the gas. c. subsidies to firms that agree not to emit the gas. d. sales of permits to emit specified quantities of the gas on specified days.