An excise tax is a tax on a specific good, like gasoline
a. True
b. False
Indicate whether the statement is true or false
True
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An L-shaped isoquant
A) is impossible. B) would indicate that the firm could switch from one output to another costlessly. C) would indicate that the firm could not switch from one output to another. D) would indicate that capital and labor cannot be substituted for each other in production. E) would indicate that capital and labor are perfect substitutes in production.
Suppose domestic beef producers face demand of QD = 1000 - 5P. Suppose the Chinese acquire a taste for U.S. beef such that their demand is QD = 500 - 5P. Market demand is now
a. 1000 - 10P for all P b. 1500 - 10P for all P c. 1500 - 5P for all P d. 1000 - 5P for P > 100 and 1500 - 10P for P < 100
If an individual's supply of labor curve is positively sloped throughout, then
a. the substitution effect always dominates the income effect. b. the income effect always dominates the substitution effect. c. the substitution effect dominates at low real wage levels and the income effect dominates at high real wage levels. d. the income effect dominates at low real wage levels and the substitution effect dominates at high real wage levels.
Like the debt of many families, the national debt in 2014 was many times larger than the national income
a. True b. False Indicate whether the statement is true or false