For a tax to be successful, the tax base must be ¬¬¬_____
a. easy to measure and monitor
b. large
c. inelastic
d. able to expand in times of crisis
a
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A key assumption made when a supply schedule is constructed is that
A. the only factors that matter in determining supply are price and quantity. B. firms only want to sell a certain amount of a product. C. supply is too important to be left to the marketplace. D. only price and quantity vary, all other determinants of supply are held constant. E. demand has a positive slope.
The above figure shows a labor market with minimum wage equal to $16. In this figure, after taking account of search costs, what area equals the workers' surplus?
A) area A B) area B C) area C D) area D E) area E
Which of the following is the best definition of economics?
a. An investigation of the quantities and prices of the various goods produced by the nations of the world. b. A study of why inflation and unemployment periodically plague the U.S. economy. c. An analysis of how individuals and societies deal with the problem of scarcity. d. An examination of the role that money plays in the economy. e. A study of how goods and services are distributed throughout the world.
When the government closes an expansionary gap with a change in government spending, the _____ in government spending leads to _____
a. decrease; a decrease in both real GDP and the price level b. decrease; a decrease in real GDP and an increase in the price level c. decrease; an increase in both real GDP and the price level d. decrease; an increase in real GDP and a decrease in the price level e. increase; a decrease in both real GDP and the price level