The law of demand says that as the price of a good rises,
a. buyers recognize that price may be even higher in the future, and so they buy now
b. buyers purchase less in hopes that the price will fall in the future
c. buyers purchase less, in part because their real income has fallen
d. buyers purchase more, in part because the price of a substitute has risen
e. buyers purchase more, in part because it has higher status at a higher price
C
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If, as your taxable income decreases, you pay a smaller percentage of your taxable income in taxes, then the tax is
A) proportional. B) unfair. C) progressive. D) regressive.
Mikey is very picky and insists that his mom make his breakfast with equal parts of cereal and apple juice — any other combination and it ends up on the floor. Cereal costs 4 cents per tablespoon and apple juice costs 6 cents per tablespoon
If Mikey's mom budgets $8 per month for Mikey's breakfast, how much cereal and juice does she buy? A) 40 tablespoons each of cereal and juice B) 80 tablespoons each of cereal and juice C) 40 tablespoons of cereal and 75 tablespoons of juice D) 100 tablespoons of cereal and 67 tablespoons of juice
If you buy for $100 a bond that pays 4.57 percent in annual interest and the current interest yield on the bond rises to 5.13 percent, then the price of the bond has fallen
a. True b. False Indicate whether the statement is true or false
Refer to the information provided in Figure 33.5 below to answer the question(s) that follow.
Figure 33.5Refer to Figure 33.5. The domestic price of oil is $130 per barrel, and the world price of oil is $120 per barrel. If the domestic government imposes a tariff of $________ per barrel, it will eliminate all oil imports and achieve tariff revenues of $________.
A. 5; 45 million B. 10; 120 million C. 5; 20 million D. 10; zero