The historical rise in living standards of American workers is primarily a result of
a. the influence of labor unions in America.
b. tariff protection imposed by the American government.
c. the enactment of minimum-wage laws in America.
d. the rise in American productivity.
d
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For decreases in wage taxes, substitution effects put negative pressure on tax revenues while wealth effects put positive pressure on tax revenues.
Answer the following statement true (T) or false (F)
Moving decisions downward into functional areas economizes on information and is efficient because a functional department is by definition expert at a subset of the firm's activities
Indicate whether the statement is true or false
When a government subsidy is granted to the buyers of a product, sellers can end up capturing some of the benefit because
a. the market price of the product will fall in response to the subsidy. b. the market price of the product will rise in response to the subsidy. c. the market price of the product will not change in response to the subsidy. d. producers will reduce the supply of the product.
Fractional reserve banking refers to a system where banks
A. deposit a fraction of their reserves at the central bank. B. accept a portion of their deposits in checkable accounts. C. grant loans to their borrowing customers. D. hold only a fraction of their deposits in their reserves.