If the demand curve for a good is a downward sloping straight line, the demand for the good will be more price elastic the higher is the
A) price of the good.
B) price of complements.
C) income of consumers.
D) income elasticity of demand for that good.
A
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Using the data in the above table, if potential GDP for this economy is $25 billion, then at the present moment real GDP is
A) less than potential GDP. B) equal to potential GDP. C) greater than potential GDP. D) at the full-employment level of output. E) not comparable to potential GDP.
All taxes impose an excess burden.
A. True B. False C. Uncertain
The income distribution in less-developed nations tends to be
a. more uneven than in developed economies b. less uneven than in developed economies c. similar to that in developed economies d. impossible to calculate e. not comparable because tax structures differ among countries
A mandatory seatbelt law ends up raising the number of traffic fatalities if it lowers fatalities per accident from 0.11 to 0.08 while raising the number of accidents per period from 100,000 to any more than
A) 108,000. B) 111,111. C) 137,500. D) 110,000.