Related to the Economics in Practice on p. 647: Surveys by the bank of England suggest that consumers are
A. more influenced by their own experiences than by actual government numbers.
B. equally influenced by actual government numbers and their own experiences.
C. rarely influenced by either actual government numbers or by their own experiences.
D. more influenced by actual government numbers than by their own experiences.
Answer: A
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The production possibility curve is bowed outward from the origin because of:
a. the law of increasing opportunity costs. b. the finite nature of the resource base. c. inefficiency. d. improper output mix. e. unemployment.
Concerning the labor market and taxes on labor, economists disagree about
a. the size of the tax on labor. b. the size of the deadweight loss of the tax on labor. c. whether or not a tax on labor places a wedge between the wage that firms pay and the wage that workers receive. d. All of the above are correct.