Figure 21-1
In Figure 21-1, a reform in the distribution system that achieves the same distribution with less damage to work incentives is represented by a move from which points?
A. A to B
B. C to G
C. C to F
D. B to C
Answer: C
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It is estimated that, on the average and taking account of skill differentials, union wages are
A) 100 percent higher than nonunion wages. B) less than nonunion wages. C) 10-25 percent higher than nonunion wages. D) 66 percent higher than nonunion wages. E) equal to nonunion wages.
Buyers of a good will bear the larger part of the tax burden, and sellers will bear a smaller part of the tax burden, when the a. tax is placed on the sellers of the good
b. tax is placed on the buyers of the good. c. supply of the product is more elastic than the demand for the good. d. demand for the product is more elastic than the supply of the good.
Which of the following is true regarding economic fluctuations in the United States?
a. Prior to World War II, economic ups and downs were more moderate than after the war. b. Prior to World War II, annual increases in real GDP of more than 5 percent were unheard of. c. Real GDP grew rapidly during the 1930s. d. The 1930s was a period of prolonged economic stagnation and high unemployment.
A particular brand of shampoo costs 6 Canadian dollars in Toronto. The nominal exchange rate is about 1.2 and the real exchange rate is .90 . These numbers imply that the U.S. dollar price of the same shampoo is about
a. $7.99 b. $6.49 c. $5.39 d. $4.49