Illegal gambling on the NCAA Final Four would be included in GDP
a. True
b. False
Indicate whether the statement is true or false
False
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For the monopoly shown in the figure above, the economic profit is
A) $0. B) $10. C) $40. D) $100.
Which of the following statements best represents the opinion of many economists regarding the impact that changes in tax laws have had on recent changes in income inequality in the United States?
A) Reductions in income tax rates have favored high-income individuals more than low-income individuals. As a result, reductions in federal income tax rates have led to more income inequality. B) Reductions in income tax rates probably have had little impact on the distribution of income. C) Reductions in income tax rates have created greater incentives for low-income individuals to work, save, and invest. As a result, reductions in federal income tax rates have led to less income inequality. D) Reductions in income tax rates have been offset by increases in corporate income tax rates and payroll taxes. As a result, greater income inequality in the 1990s has been followed by a more equal distribution of income since 2001.
Travel by bus and pawn-shop services would be expected to be examples of:
a. normal goods. b. inferior goods. c. substitute goods. d. complementary goods.
Which one of the following will most likely be harmed by legislation exempting teenagers from the minimum wage?
a. a high school student seeking a part-time job b. a high-skilled, 30-year-old worker who is unlikely to compete with low-skilled teenagers in the employment market c. a large family that often employs the services of low-skilled, part-time workers d. an illiterate 40-year-old worker with few labor skills