A lump-sum tax means that:
A. the tax only applies to one time period.
B. the same amount of tax revenue is collected at each level of GDP.
C. tax revenues vary directly with GDP.
D. tax revenues vary inversely with GDP.
B. the same amount of tax revenue is collected at each level of GDP.
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The median wage among physicians is over $166K a year, while the median salary for physician assistants is $86K a year
These salaries suggest that physicians have ________ human capital than physician assistants and hence the demand for labor for physicians is ________ than the demand for labor for physician assistants. A) more; less B) more; greater C) less; greater D) less; less
When the housing bubble popped, the effect of the negative demand side shock and the negative supply side shock were the same on:
A. output, causing it to definitely decrease. B. prices, causing them to definitely rise. C. output, causing it to definitely increase. D. prices, causing them to definitely fall.
When sellers are unable to distinguish "good" buyers from "bad" ones, they face the problem of:
A. Moral hazard B. Adverse selection C. Externalities D. Diminishing utility
Most economists agree that the immediate determinant of the volume of output and employment is the:
A. composition of consumer spending. B. ratio of public goods to private goods production. C. level of total spending. D. size of the labor force.