Healthcare provided by the government is an example of a public good
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following might be an intermediate good?
A) A box of Kellogg's corn flakes B) An iMac computer C) A U-Haul rental vehicle D) An economics textbook E) Any of the above might be, depending upon who is purchasing it.
Tesla Motors manufacturers its cars at a plant in Fremont, California
At this plant, Tesla is able to take advantage of the high level of technical training possessed by its American workers, but it also sacrifices the ability to pay lower wages had it chosen to open its plant in a low-wage country such as Mexico, India, or China. In deciding to open the Fremont plant, Tesla A) eroded some of its competitiveness in the luxury electric car market because of its increased cost of production. B) faced a trade-off between higher cost and lower precision. C) faced no trade-offs because employing more technically-skilled workers increased efficiency. D) adopted a negative technological change because it chose high-skilled workers over low-paid workers.
Refer to Figure 20.3 below. Suppose the equation that equates excess burden to the tax rate can be written as EB = t 2 , where EB is excess burden and t is the tax rate.
(A) Suppose the tax rate t is initially 12 percent. How much excess burden is generated?
(B) If the tax rate doubles to 24 percent, what happens to excess burden?
If wages drop below the market equilibrium level in a competitive labor market:
A. unemployment will persist until the wage increases. B. firms will be able to offer lower wages and still fill all the jobs they have. C. firms will demand more labor than workers are willing to supply. D. All of these statements are true.