Economists attempt to discover explanations for events that are observed.
a. true
b. false
Ans: a. true
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The law of demand holds that as prices of goods decrease, people are willing to buy more.
Answer the following statement true (T) or false (F)
An economic variable that doesn't move in a consistent pattern with aggregate economic activity is called
A) procyclical. B) countercyclical. C) acyclical. D) a leading variable.
Assume that you pay $10,000 of tax on a taxable income of $50,000. If your taxable income were $150,000, your tax payment would be $25,000. This tax structure is:
A. proportional. B. regressive. C. progressive. D. discriminatory.
Refer to Figure 3.1. If one of the graphs represents the total benefit of an activity, which other graph best represents the marginal benefit of the activity?
B. B
C. C
D. D