If the demand curve is perfectly inelastic, _____
a. suppliers will bear the entire burden of any tax
b. demanders will bear the entire burden of any tax
c. suppliers and demanders will split the burden of any tax
d. the actual burden of the tax depends upon who is legally required to pay the tax
b
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Under British rule, colonists were considered British subjects and had most of the same rights of British citizens
Indicate whether the statement is true or false
The evidence from wage data allows us to conclude that nonsupervisory workers were economically worse off in 2008 than 1975
a. This conclusion is correct because such workers have been suffering form increasing unemployment since 1975 b. This conclusion is correct because such workers have been receiving an ever-decreasing share of their income in nonwage benefits. c. This conclusion is correct because nominal wages for such workers have stayed constant since 1975. d. This conclusion is correct because nominal wages for such workers have fallen since 1975. e. This is a mistaken conclusion because the CPI overstates inflation.
If the CPI was 90 in 1975 and is 225 today, then $100 today purchases the same amount of goods and services as
a. $25.00 purchased in 1975. b. $33.33 purchased in 1975. c. $40.00 purchased in 1975. d. $135.55 purchased in 1975.
The following graph shows the marginal and average product curves for labor, the firm's only variable input. The monthly wage for labor is $2,800. Fixed cost is $160,000.
When the firm uses 120 units of labor, what is average total cost at this output?
A. $40 B. $84 C. $120 D. $59 E. $190