The situation when the price of most goods and services are falling over time is called:
A. disinflation.
B. a boom.
C. deflation.
D. inflation.
Answer: C
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Which of the following is a factor of production that generally is fixed in the short run?
A) a factory building B) water C) raw materials D) labor
The term tax incidence refers to
A. widespread view that taxes (and death) are the only certainties in life. B. whether the demand curve or the supply curve shifts when the tax is imposed. C. the distribution of the tax burden between buyers and sellers. D.whether buyers or sellers of a good are required to send tax payments to the government.
If the demand for a good falls by less than the supply of the good rises, then the good's equilibrium price will __________ and its equilibrium quantity will __________
A) rise; fall B) rise; rise C) fall; fall D) fall; rise
Wealth is defined as the:
A. value of monetary assets. B. value of assets that can be converted to cash on short notice. C. value of all assets minus the money that is owed. D. total amount of income earned in a one-year period.