In perfectly elastic supply, the more elastic the supply is, the . . .
What will be an ideal response?
More amount of tax is paid by buyers
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A jurisdictional dispute is a
A) strike by a union in sympathy with another union's strike or cause. B) dispute involving two or more unions over which should have control of a particular jurisdiction. C) business enterprise in which employees must belong to the union before they can be hired and must remain in the union after they are hired. D) legal environment in which businesses may hire nonunion members conditional on their joining the union by some specified date after employment begins.
If the marginal propensity to consume (MPC) is 0.75, a $50 decrease in government spending, other things being equal, would cause equilibrium real GDP to:
a. increase by $50. b. decrease by $50. c. increase by $200. d. decrease by $200.
Economists disagree about whether increasing the minimum wage is a good idea, because they put different weight on the importance that the negative impacts have relative to the positive impacts. As such, the disagreements are usually over
a. normative issues b. positive issues c. the mathematical calculations in an economic model d. whether microeconomics or macroeconomics is more important e. whether economic theory is useful in explaining the behavior of actors in the economy
Which of the following observations was made famous by Adam Smith in his book The Wealth of Nations?
What will be an ideal response?