Buyers will bear the entire burden of a unit tax if the demand curve for a product is
A) upward sloping. B) horizontal.
C) downward sloping. D) vertical.
D
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As Shana's consumption of tacos decreases, her
A) marginal utility from tacos increases. B) marginal utility from tacos decreases. C) total utility from tacos increases. D) both total and marginal utility from tacos decrease.
Long-run aggregate supply reflects
A) total production in the economy at full employment. B) total spending in the economy at full employment. C) both production and spending in the economy. D) only foreign production from U.S. subsidiaries.
A resource that is a common property is
A) oil on land owned by a drilling and refining company. B) natural gas on land owned by an energy producer. C) your neighbor's backyard. D) water in a publicly owned river.
A labor contract provides for a first-year wage of $10 per hour, and specifies that the real wage will rise by 3 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.07 in the second year. What dollar wage must be paid in the second year?
A. $10.90 B. $10.70 C. $11.02 D. $10.30