Refer to Figure 8.5. Equilibrium in this market is represented by a real wage of ________ and 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

Wartime inflation occurs when war requires a country to shift resources away from efficient uses into war-related production

Indicate whether the statement is true or false