Price and quantity decisions made by a company have vital influences on
a. the firm's labor requirements.
b. consumer response to the product.
c. future success of the company.
d. All of the above are correct.
d
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A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that
A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.
In common value auctions
a. Every bidder know the value of the object being sold b. Each bidder makes the same estimate of the value of the good c. All bidders know the estimates of the others d. The true value of the item is common across bidders
When the government imposes a tax on the production of a commodity:
a. production will invariably increase. b. the cost of production increases, so the supply curve shifts to the left. c. the benefits of consumption increases, so the demand curve shifts to the right. d. there is no change in demand or supply of the commodity. e. both the demand and supply curves shift to the right.
The motive for the erecting trade barriers to import goods and services from abroad is to
A. improve economic efficiency in that nation. B. protect and benefit special interest groups in that nation. C. reduce the prices of the goods and services produced in that nation. D. expand the export of goods and services to foreign nations.