Full-time homemakers and retirees are classified in the BLS data as:
A. Employed
B. Unemployed
C. Part of the labor force
D. Not in the labor force
D. Not in the labor force
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Explain how a pollution tax is different from a Pigouvian tax. Discuss how incentives for firms differ under the two types of taxes, and what would be required of the government if it were to structure a Pigouvian tax system to mimic the effects of a pollution tax.
What will be an ideal response?
The construction of the t-statistic for a one- and a two-sided hypothesis
A) depends on the critical value from the appropriate distribution. B) is the same. C) is different since the critical value must be 1.645 for the one-sided hypothesis, but 1.96 for the two-sided hypothesis (using a 5% probability for the Type I error). D) uses ±1.96 for the two-sided test, but only +1.96 for the one-sided test.
When calculating gross domestic product (GDP), double counting can be avoided by: a. taxing corporate income
b. adding all income taxes to GDP. c. calculating GDP using the income as well as the expenditure method. d. adding the value of exports to GDP and subtracting the value of imports. e. summing the value added at each stage of production.
Scarcity is the fundamental problem of the economy
a. True b. False Indicate whether the statement is true or false