Economists may disagree about the validity of alternative positive theories about how the world works
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of TVs produced by XYZ-TV Company falls from increases from $1,000 to $1,250 per TV set, then the:
A. supply of labor to the XYZ-TV Company decreases. B. supply of labor to the XYZ-TV Company increases. C. demand for labor by the XYZ-TV Company decreases. D. demand for labor by the XYZ-TV Company increases.
A good or service or a resource is nonexcludable if
A) it is possible to prevent someone from enjoying its benefits. B) it is not possible to prevent someone from benefiting from it. C) its use by one person decreases the quantity available for someone else. D) its use by one person does not decrease the quantity available for someone else.
An efficient tax system should have
a. horizontal equity b. a broad base c. a small number of rates, or brackets d. few exemptions e. all of the above
Socially inefficient outcomes may occur in markets where there are: a. negative externalities present
b. asymmetric information problems present. c. positive externalities present. d. any of the above.