Assuming that the demand and supply of a good both increased by the same amount, the new equilibrium would represent:
a. an increase in price and an increase in quantity exchanged
b. no change in price and an increase in quantity exchanged.
c. a decrease in price and a decrease in quantity exchanged.
d. no change in price, and an indeterminate change in quantity exchanged.
b
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Economists use the term "demand" to refer to:
A. a particular price-quantity combination on a stable demand curve. B. the total amount spent on a particular commodity over a fixed time period. C. an upsloping line on a graph that relates consumer purchases and product price. D. a schedule of various combinations of market prices and amounts/quantities demanded.
The average tax rate can be calculated by which of the following formulas?
A. total taxable income divided by total taxes due B. total taxes due divided by total taxable income C. the change in taxes due divided by the change in taxable income D. the change in taxable income divided by the change in taxes due
Which of the following would typically be considered a cost of economic growth?
A. increased poverty B. urban congestion C. decreased levels of health D. increased illiteracy
The percentage of total national income spent on health care in the United States has
A) declined rapidly since 1965. B) remained below the level of inflation. C) risen steadily since 1965. D) remained constant over the last few years.