Which of the following is NOT studied in microeconomics?
A) the effect of an increase in gasoline taxes on the purchase of gasoline
B) the impact of government spending on the unemployment rate
C) the impact of firms' hiring choices on their employees' wages
D) the impact of higher fuel prices on the cost of airline tickets
Answer: B
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Suppose the supply of apartments in Minneapolis is perfectly elastic. The effect of a $100 per month tax on all apartments is that
A) landlords pay none of the tax and there is a surplus of apartments. B) landlords pay all of the tax and suffer all of the deadweight loss. C) landlords pay all of the tax and no changes take place in the quantity of apartments supplied. D) renters pay all of the tax. E) the government collects no tax revenue because the supply is perfectly elastic.
The famous saying, "There is no such thing as a free lunch" means
A) we do not live in a free country. B) the value of our dollar keeps declining. C) people face tradeoffs. D) people do not care about others enough.
Plowback refers to the profits management decides to keep and reinvest in the firm’s operations.
Answer the following statement true (T) or false (F)
Which of the following is a source of frictional unemployment?
a. changes in the composition of demand among industries or regions b. minimum wages c. labor unions d. None of the above is correct.