In Figure 30.2, a minimum wage of $12 will result in
A. A surplus of 20 workers.
B. A shortage of 32 workers.
C. A shortage of 44 workers.
D. No shortage or surplus of workers.
Answer: D
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The figure shows the market for books before and after a sales tax is introduced. The tax on books is ________ a book, buyers pay ________ of tax per book, and the government's tax revenue is ________ a week
A) $1.20; $0.80; $128 B) $0.80; $1.20; $12 C) $0.40; $0.40; $4 D) $1.20; $0.80; $12
Transitioning from a centrally planned economy to a market economy
A. cannot occur. B. is a theoretical concern only. C. requires simply adopting market economy rules and laws. D. is possible but faces many challenges.
Frictional and structural unemployment both exist
A. when the economy is in long-run equilibrium. B. only when the economy is in recession. C. when inflation becomes very high. D. only when the economy is at the peak of the business cycle.
State and local taxes seem as a group to be mildly ________ and federal taxes seem as a group to be mildly ________.
A. regressive; regressive B. progressive; progressive C. regressive; progressive D. progressive; regressive