If the tax elasticity of supply is 0.6 and tax rates increase by 10 percent, the quantity of labor supplied will
A. Decrease by 1.67 percent.
B. Increase by 6 percent.
C. Decrease by 6 percent.
D. Increase by 1.67 percent.
Answer: C
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Which of the following is NOT a true statement about the WTO and the protection of endangered species?
A) The environmental movement has been critical of the WTO. B) Under WTO rules, countries have a right to impose import barriers to protect endangered species. C) The WTO did not allow the U.S. to protect sea turtles. D) GATT rules prohibit discrimination based on the production process used.
In a free market for depletable natural resources, any shortage where there is an excess of quantity demanded over quantity supplied must be
a. expected as a matter of course. b. due to a price floor. c. the result of discovery of new deposits of the resources. d. artificial.