Raising the minimum wage would:
A. help some workers while hurting others.
B. help all workers and hurt all firms.
C. hurt all workers and help some consumers.
D. help workers and help consumers.
Answer: A
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Suppose you obtain a fixed rate mortgage during a period of relatively high inflation. During the next ten years, inflation falls. Are you a winner or a loser due to inflation? Explain why
What will be an ideal response?
We can describe who bears the burden of a tax by using the concept of:
A. marginal burden. B. incidence. C. payee. D. marginal tax rate.
You have found data that indicates that the income elasticity of demand for generic (unbranded) shampoo is -0.7. You should conclude that generic shampoo:
A. is below its equilibrium price. B. is a normal good. C. is an inferior good. D. has inelastic demand.
An externality that is not fully paid by the individual using an automobile is
A) insurance for the vehicle. B) gasoline for the vehicle. C) air pollution from the vehicle. D) operation of the vehicle.