Nominal wages can be converted into real wages by
a. multiplying the nominal wages by the CPI.
b. adding the CPI to the nominal wages.
c. subtracting the CPI from the nominal wages.
d. dividing the nominal wages by the CPI.
d. dividing the nominal wages by the CPI.
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Which of the following is an example of an excise tax?
a. a tax on the wages that a firm pays its workers b. a tax on tobacco c. a tax on corporate profits d. the portion of federal income taxes earmarked to pay for Social Security and Medicare
If a random sample is drawn at each time period, pooling the resulting random samples gives us a panel data set.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. If a buyer ends up being worse off from an exchange rather than better off as expected, this is a negative externality. B. As long as the benefits to society from an exchange outweigh the costs to the producer of the good or service, no negative externality has occurred. C. Secondhand cigarette smoke is an example of a negative externality. D. As long as the benefits to society from an exchange outweigh the costs to society, no negative externality has occurred.
A patent that confers the monopoly right to produce an essential prescription drug tends to increase the incentive the develop new and better prescription drugs, while
A. creating a "deadweight loss" of monopoly-induced inefficiency. B. eliminating the monopolist's costs of defending its rights to the patent. C. lowering the cost of prescription drugs to the public. D. imposing no cost upon society as a whole.