Elasticity measures how "sensitive" consumers are by measuring their change in ____ as the price of the product changes
a. attitude
b. income
c. quantity demanded
d. supply
e. taxes
c
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Don worked as a machinist all his life, and was recently laid off because his plant closed and the jobs were outsourced to India. There don't seem to be any machinist jobs in the area anymore. Don would be considered:
A. Don is a discouraged worker. B. frictionally unemployed. C. structurally unemployed. D. real-wage unemployed.
The Congressional Budget Office estimates the size of the tax multiplier to be ________ for a 1-year tax cut for higher-income people
A) 0.1 - 0.6 B) 0.3 - 1.5 C) 0.5 - 2.5 D) 2.0 - 3.0
The congestion tax implemented in London reduced traffic volume and cut travel time for cars and buses in half
Indicate whether the statement is true or false
Refer to the information provided in Figure 4.4 below to answer the question(s) that follow.
Figure 4.4Refer to Figure 4.4. Assume that initially there is free trade. If the United States then imposes a $25 tariff per barrel of imported oil, the tariff revenue generated will equal
A. $25 million per day. B. $50 million per day. C. $100 million per day. D. $125 million per day.