The utility of a good measures its usefulness
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following does an efficiency wage primarily aim to combat?
a. consolidation of a minimum wage b. formation of unions c. dereliction of duties d. rising inflation
Please refer to the following diagram. 
If the supply curve is S, at a price of $4 there will be a
A. shortage of 2. B. surplus of 2. C. surplus of 1. D. shortage of 1.
If the federal government placed a 50 cent per pack excise tax on cigarette manufacturers, and if as a result, the price to consumers of a pack of cigarettes went up by 40 cents, the:
A. actual burden of this tax falls mostly on consumers. B. actual burden of this tax falls mostly on manufacturers. C. actual burden of the tax would be shared equally by producers and consumers. D. tax would clearly be a progressive tax.
Which of the following is NOT true about the equilibrium price?
A. the price where quantity demanded equals quantity supplied B. the price where the demand curve intersects the supply curve C. the price where a change in quantity supplied occurs D. the price where there is neither excess quantity demanded or excess quantity supplied