Questions from Microeconomics

Q: Use the following graph of the market for cigarettes to answer the

Use the following graph of the market for cigarettes to answer the questions. a. If the government imposes a 10-cent-per-pack tax on cigarettes, will the price consumers pay rise more if the demand...

Q: During the nineteenth century, the U.S. Congress encouraged

During the nineteenth century, the U.S. Congress encouraged railroad companies to build transcontinental railways across the Great Plains by giving them land grants. At that time, the federal governme...

Q: Explain whether you agree with the following statement: “For a

Explain whether you agree with the following statement: “For a given demand curve, the excess burden of a tax will be greater when supply is less price elastic than when it is more price elastic.” Ill...

Q: A student argues: “Economic surplus is greatest at the level

A student argues: “Economic surplus is greatest at the level of output where the difference between marginal benefit and marginal cost is largest.” Do you agree? Briefly explain.

Q: Suppose the government decides to tax sales of pizzas. Use the

Suppose the government decides to tax sales of pizzas. Use the following graph to answer the questions. a. How much of a per unit tax did the government impose on pizzas? b. Before the tax, what pri...

Q: Discuss the extent of income inequality in the United States. Has

Discuss the extent of income inequality in the United States. Has inequality in the distribution of income in the United States increased or decreased over time? Briefly explain.

Q: Define poverty line and poverty rate. How has the poverty rate

Define poverty line and poverty rate. How has the poverty rate changed in the United States since 1960?

Q: What is a Lorenz curve? What is a Gini coefficient?

What is a Lorenz curve? What is a Gini coefficient? If a country had a Gini coefficient of 0.48 in 1960 and 0.44 in 2016, would income inequality in the country have increased or decreased?

Q: Describe the main factors economists believe cause inequality of income.

Describe the main factors economists believe cause inequality of income.

Q: State whether each of the following events will result in a movement

State whether each of the following events will result in a movement along the market supply curve of agricultural labor in the United States or whether it will cause the market supply curve of agricu...