A tariff is a
A. tax.
B. price ceiling.
C. subsidy.
D. quantity limit.
Answer: A
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Government failure, when government actions lead to inefficiency, can result in
A) overprovision. B) underprovision. C) both A and B. D) neither A nor B.
The Slutsky decomposition of the effect of the real wage on a person's labor supply decision suggests that the negative income effect of such a wage change will be larger: a. the smaller is the quantity of labor supplied and the smaller is the effect of non-labor income
b. the smaller is the quantity of labor supplied and the larger is the effect of non-labor income. c. the larger is the quantity of labor supplied and the smaller is the effect of non-labor income. d. the larger is the quantity of labor supplied and the larger is the effect of non-labor income.