Answer the following statement(s) true (T) or false (F)
1. Price controls are always implemented by the federal government.
2. The controlled rents for existing occupants are generally well below market rental rates.
3. The main argument for minimum wage is that it allows low-income workers to live better.
4. Price ceilings on gasoline lead to surpluses of this product.
1. False
2. True
3. True
4. False
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The marginal tax rate is the
A. total amount of taxes paid as a percentage of total income. B. increase in taxes as a percentage of an increase in income. C. sum of all individual tax rates. D. tax rate paid by those with the lowest family incomes.
Goods X and Y are substitutes. If the price of good Y falls, the marginal revenue product of good X
A) will not change. B) will shift out. C) will become more inelastic. D) will shift in.
As sales of digital cameras increase, so do sales of photo printers. What factor is affecting demand?
a. consumer expectation b. consumer taste c. complements d. substitutes
What do economists believe causes sustained inflation?
a. government printing too much money b. cost of living declining too rapidly c. currency supply falling gradually d. popular faith in paper money rising