Restaurants catering to both a lunch and dinner trade are likely to mark their prices up above the cost of the food more for dinner than for lunch because
A) the demand is greater at dinner.
B) the demand is less at dinner.
C) the demand is less elastic at dinner.
D) the demand is more elastic at dinner.
Ans: C) the demand is less elastic at dinner.
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A tariff is a tax on either imports or exports
a. True b. False
A disadvantage associated with an Earned Income Tax Credit (EITC) program to reduce poverty is that it
a. encourages illegitimate births because single women with children receive higher payments. b. rewards laziness because it provides payments to those with low incomes regardless of their work effort. c. does not help the poor who are unemployed. d. creates unemployment by increasing the wage paid to unskilled workers above the equilibrium wage.
Which of the three political philosophies discussed in the textbook, if any, view the total income of society as a shared resource that a social planner can freely redistribute to achieve some social goal?
The most widely used measure of inflation is based on which of the following price indices?
A) the consumer price index B) the GDP deflator C) the producer price index D) the wholesale price index