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When the government implements programs such as progressive income tax rates, what is likely to come?
Equality is increased and efficiency is decreased
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Which of the following is not an example of the opportunity cost of going to school?
The money a student spends on rent
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Evidence indicates that seat belts lead to...
Fewer deaths per automobile accidents
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Scarcity exists because
Human wants are greater than what can be produced
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The fact that different countries experience different standards of living is largely explored by differences in those countries
Productivity level
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In the short run, which of the following rates of growth in the money supply is likely to lead to the highest percent of unemployment in the economy?
1%
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A company that formerly pro-
Inadequate enforcement of property rights
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An example of an externality is the impact
Pollution from a factory on the health of people in the vicinity of the factory
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Communist countries worked under the premise that
Central planners were in the best position to determine the allocation of scarce resources in the country
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The reason that China abandoned the socialist economy of Mao and instead partly based a capitalist society is
Efficiency
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The term incidence refers to
The distribution of the tax burden between buyers and sellers
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The minimum wage does not apply to
Unpaid internships
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To say that a price ceiling is nonbinding is to say that the price ceiling
is set above equilibrium price
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If a labor market is characterized by a labor union, wages will be ___, and employment will be ___, than in a purely competitive market model
Higher, lower
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Under a price system, firms are forced to choose the lest cost combination of resources because of
Competition from other firms in the market
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In a pure market system (capitilist) the distribution of goods, services, and resources, is dependent upon
Scarcity determined prices and income determined by productivity
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An example of a perfectly competitive market would be
soybean market
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A market demand curve shows how the total quantity demanded of a good varies as
price varies
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Suppose you are evaluating automobile market. Auto manufacturers discover a new engine that is more efficient and actually less costly to produce. We would expect that
The supply for auto had increased and price has fallen
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If the highest price that consumers will pay for a good is less than the lowest cost at which a good can be produced then
the good will not be produced by the private sector without subsidies
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refer to table 1 whose demand does not obey the law of demand
chuck's
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today's supply curve for gasoline could shift in response to
a change in the expected future price of gasoline the supply curve shifts in the opposite direction
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Refer to figure one
decrease in quantity supplied
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rent control
serves as an example of a price ceiling
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over time, having shortages caused by rent control
increase, because the demand for and supply of housing are more elastic in the long run
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suppose the equilibrium price a physical exam by a doctor is $200 and the gov imposes a price floor of $250 per physical; as a result of the price floor
the quantity demanded of physicals decreases and quantity of physicals doctors want to give increases
-
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data indicate that government agricultural price supports have
led to food surpluses
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the price paid by buyers after the tax is imposed is
7
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