Which of the following is not an in-kind subsidy?
A. unemployment compensation
B. low-cost rental housing
C. Medicare
D. Medicaid
Answer: A
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The magnitude of the tax multiplier is smaller than the magnitude of the government expenditure multiplier because
A) a change in taxes does not change expenditures. B) an increase in taxes decreases expenditures. C) a decrease in government expenditure decreases tax revenue. D) a change in taxes does not change expenditures by as much as the same size change in government expenditure. E) a change in taxes creates additional induced taxes.
Consider the market for opticians. What is likely to happen to the equilibrium wage and quantity of opticians if more and more people turn to laser eye surgery instead of wearing glasses or contact lens?
A) The equilibrium wage falls and the equilibrium quantity of opticians rises. B) The equilibrium wage and the equilibrium quantity of opticians rise. C) The equilibrium wage and the equilibrium quantity of opticians fall. D) The equilibrium wage rises and the equilibrium quantity of opticians falls.
Refer to the figure. If price falls from $60 to $40, total revenue goes ________, so demand is ________.
Fill in the blank(s) with the appropriate word(s).
Employees who are members of a union can expect
A. less job security. B. poorer working conditions as employers try to compensate for higher wages. C. a wage that is higher than the equilibrium wage in the labor market. D. lower wages than nonunion workers in the same industry.