The consumption function shows the relationship between consumption and:
a. interest rates.
b. saving.
c. price level changes.
d. disposable income.
d
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The demand for gasoline is inelastic and the supply of gasoline is elastic. Therefore,
A) sellers bear most of the incidence of a tax on gasoline. B) buyers bear most of the incidence of a tax on gasoline. C) the government bears most of the incidence of a tax on gasoline. D) the incidence of a tax on gasoline depends if the tax is imposed on sellers or on buyers. E) None of the above answers is correct.
Models must
A) be able to yield useable predictions. B) be totally realistic in every detail. C) be a complete reproduction of the real world. D) include every relationship that exists.
________ is a situation in which a firm or a player in game theory chooses the best strategy given the strategies chosen by others
a. Nash equilibrium b. Dominant-strategy equilibrium c. Prisoner's dilemma d. Tit-for-tat
Which statement is true?
A. State and local governments are expected to provide more and more services while their tax bases are limited. B. State and local governments are expected to provide less and less services while their tax bases are relatively unlimited. C. Public education has traditionally been the role of the federal government. D. None of these statements are true.