If the price of a product is expected to increase in the future, the supply today will increase
Indicate whether the statement is true or false
FALSE
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For which of the following medical services is the income elasticity of demand likely to be the smallest?
a. face-lifts b. plastic surgery c. manicures d. emergency services after a car accident e. hair transplants
In normal times, the actual money multiplier in the United States is:
A. sometimes negative during a recession. B. approximately equal to 10. C. approximately equal to 3. D. 0 in the long run and 3 in the short run.
When a tax is proportional, the average tax rate:
A. first increases with income, then decreases with income. B. is constant with income. C. decreases with income. D. increases with income.
Which of the following statements is true?
A. Free trade will benefit all workers in a nation equally. B. As a result of specialization some workers will be displaced and harmed in the short run by free trade. C. Free trade leads to lower wages for all workers in both nations. D. Specialization will result in a decline in an industry and none of those workers will be able to find other jobs.