As the supply curve becomes steeper, the proportion of a sales tax paid by the seller
A. gets closer to zero.
B. stays the same.
C. increases.
D. decreases.
Answer: C
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If average labor productivity increases while population and the number of employed workers remain constant, then output per person:
A. increases. B. remains constant. C. decreases. D. may increase or decrease.
Special interest groups often a. represent broad questions of public interest. b. pursue rent-seeking behavior
c. do not use lobbying techniques. d. have no effect on the political process.
Which of the following terms describes the process in which the exchange rate equalizes the prices of internationally traded goods across countries?
a. purchasing power parity b. exchange c. profiteering d. arbitrage
Under laissez faire, the allocation of resources among different products depends on
a. consumer preferences. b. production costs. c. Both a and b are correct. d. Neither a nor b is correct.