The elasticity of a straight-line demand curve is the same as its slope.
Answer the following statement true (T) or false (F)
False
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The marginal social benefit curve from a public good is found by horizontally summing the marginal benefit curves of all individuals
Indicate whether the statement is true or false
An increase in taxes
a. reduces income by more than the total fall in consumption. b. reduces income by the same amount as the total fall in consumption. c. reduces income and consumption by the same amount as taxes fall. d. reduces income by the amount of the initial fall in consumption.
Core inflation is all of the following but:
A. a measure of inflation that excludes gasoline and food price changes. B. a measure of inflation that excludes goods with historically volatile price changes. C. the BLS's official measure of changes in prices. D. Both an overall rise in prices in the economy.
The open economy effect suggests that
A. a rise in domestic price level will cause domestic residents to buy fewer imported goods. B. a rise in domestic price level will cause foreign residents to buy more domestic goods. C. a decrease in domestic price level will cause foreign residents to buy fewer domestic goods, increasing net exports. D. a decrease in domestic price level will cause foreign residents to buy more domestic goods, increasing net exports.