If the labor supply curve is very elastic, a tax on labor
a. has a large deadweight loss.
b. raises enough tax revenue to offset the loss in welfare.
c. has a relatively small impact on the number of hours that workers choose to work.
d. results in a large tax burden on the firms that hire labor.
a
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One reason why critics argue that large firms should not be broken up is that in some cases
a. large firms have a concentration of economic power. b. large firms are less-efficient producers. c. many smaller firms would be less-efficient producers. d. there is no economic reason to break up large firms that may have some control over the market.
The longest and most severe recession in the United States since 1925 began in:
A. 1929. B. 1957. C. 1945. D. 1982.
Pat earns $1,000 per week and spends $850 per week on living expenses, puts $50 in a savings account, and buys $100 worth of shares in a stock mutual fund. Pat's saving is ________, and Pat's saving rate is ________.
A. $50; 5.0 percent B. $150; 15 percent C. $50; 5.9 percent D. $100; 10 percent
Which amount is not included in gross domestic product?
What will be an ideal response?