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Question
What wage system will dominate?
a. The federal governments minimum wage dominates all states minimum wage laws.
b. A states minimum wage law will dominate the federal governments wage law if the states minimum wage is higher.
c. A states minimum wage law will dominate the federal governments wage law since the Constitution specifies that any provisions not specified in the Constitution are delegated to the states.
d. The federal government will challenge a states minimum wage if the states minimum wage is higher and the federal government wishes to force the state to comply.
e. Poor states can make their own minimum wages lower than the federal government wishes.
Answer
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Related questions
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When the price elasticity of demand is elastic, a consumer is
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b. relatively unresponsive to a change in price.
c. unaffected by a change in price.
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e. completely responsive to a change in price.
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b. 100 percent.
c. 4.0 percent
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e. unknown because not enough information is provided.
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c. government setting up an agency to regulate supply of
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The economic entity most likely to engage in price gouging is
a. the manufacturer of the product, such as a Honda generator.
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e. a local resident who wants to get rid of his or her own product.
Q:
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a. people respond to incentives.
b. society faces a trade-off between homelessness and rent control.
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Q:
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Q:
What will an individual do differently as a buyer in the black market in the long run?
a. He or she will substitute away from the product.
b. He or she will substitute toward the product.
c. When a binding price floor exists, he or she will be willing to pay a higher price.
d. When a binding price ceiling exists, he or she will be willing to pay a lower price.
e. What he or she does as a buyer in the long run will be no different from what he or she does in the short run.
Q:
What is the long-run consequence of a price ceiling law?
a. A surplus will continue to exist and will grow larger over time.
b. A surplus will continue to exist and will grow smaller over time.
c. A shortage will continue to exist and will grow larger over time.
d. A shortage will continue to exist and will grow smaller over time.
e. The amount of the surplus will not change.
Q:
Suppose Solomon lives in a community with no price controls. What do you expect will happen if his town borders a community where there is a binding price ceiling on most products?
a. Prices in the legal market in the community with a binding price ceiling will rise.
b. Prices in the legal market in the community with a binding price ceiling will fall.
c. There will be shortages in the community with a binding price ceiling.
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Q:
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a. The binding price ceiling will encourage companies to overproduce drugs and will result in waste.
b. The binding price ceiling will discourage patients from obtaining the drugs they need.
c. The binding price ceiling will increase the likelihood that consumers will obtain needed drugs on the black market.
d. The binding price ceiling will cause firms to spend too many resources on the research and development of new drugs.
e. The binding price ceiling will cause firms to spend too much time making a drug without any flaws.
Q:
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d. Demand and supply both become more inelastic.
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b. Legal market prices will fall in the community with a binding price ceiling.
c. The price and the quantity sold in the community without a nonbinding price ceiling will be the same as the price and quantity in the community with a nonbinding price ceiling.
d. There will be more shortages in the community with a binding price ceiling.
e. The black market in the community with a binding price ceiling will not be strong because consumers will simply purchase the product in the community that has no price ceiling.
Q:
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b. because it greatly benefits government, which receives additional tax revenue as a result
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d. because it greatly benefits some consumers who are also voters
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e. Binding price floors cause consumers to want to purchase more of the product in the legal market.
Q:
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a. producers have to pay these taxes out of pocket.
b. the amount of the tax is larger.
c. the change in producer behavior is smaller.
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e. the change in producer behavior is greater.
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e. the change in consumer behavior is greater.
Q:
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A(n) ________ in the elasticity of supply or demand in a market for a good that is taxed would tend to ________ who is legally responsible for paying the tax.a. decrease; broaden b. decrease; have no effect on c. increase; broadend. increase; narrowe. increase; have no effect on
Q:
Peanut butter and jelly are complements. If a tax is imposed on peanut butter, how will that affect the market for jelly?
a. Demand for jelly will increase along with the price.
b. Demand for jelly will decrease along with the price.
c. The supply of jelly will increase and the price will decrease.
d. Both the supply and demand for jelly will increase along with the price.
e. The supply of jelly will decrease and the price will increase.
Q:
A tax on milk would likely cause a decrease in the price ofa. ice cream. b. cheese. c. soymilk.d. nondairy creamer.e. breakfast cereal.
Q:
A tax creates no deadweight loss only when either supply or demand isa. somewhat elastic. b. perfectly elastic. c. perfectly inelastic.d. increasing.e. decreasing.
Q:
The deadweight loss from a tax is likely to be less with a good that hasa. few complements. b. many substitutes. c. few substitutes.d. an elastic demand.e. an elastic supply.