A special interest group cannot impose its will on the majority because the perceived costs and benefits from government programs are the same for both groups
a. True
b. False
Indicate whether the statement is true or false
False
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When the demand for a good is perfectly inelastic, the entire sales tax is paid by the sellers
a. True b. False Indicate whether the statement is true or false
The sharp reduction in marginal tax rates during the 1980s
a. reduced the incentive of high-income Americans to work. b. increased the incentive of high-income Americans to utilize tax shelters. c. increased the unemployment rate of high-income Americans. d. increased the visible income of high-income Americans.
If firms in a monopolistically competitive industry are making an economic profit,
A. price is higher than marginal cost. B. new firms will enter the industry. C. economic profit will fall in future periods. D. all of the above E. none of the above
The intertemporal substitution hypothesis suggests that hours of work should
A. be greatest during peak wage years. B. steadily decrease with age. C. increase immediately prior to retirement. D. steadily increase with age. E. be greater for women than for men.