Refer to Table 4-7. Suppose that the quantity of labor demanded increases by 40,000 at each wage level. What are the new free market equilibrium hourly wage and the new equilibrium quantity of labor?

If a tax on a good is doubled, the deadweight loss from the tax

a. stays the same b. doubles c. increases by a factor of four d. could rise or fall

Suppose you are offered a new smartphone in exchange for thirty hours of your work in your friend's garden. This is an example of

A) money as a standard of deferred payment. B) barter. C) money as a medium of exchange. D) money as a store of value.