It is estimated that the price elasticity coefficient for farm products is 0.2. Therefore, in order for consumers to increase their purchases of farm products by 10 percent, the prices of these products would have to fall:
A. 20 percent
B. 40 percent
C. 50 percent
D. 80 percent
C. 50 percent
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Which of the following is the least accurate statement?
a. GNP grew very slowly during the colonial period. b. The South's economic performance was very poor after the Civil War. c. Wealth in the colonial US was very equal because there had not been enough time for people to acquire significantly different levels of wealth. d. Wage inequality has increased since 1970.
The Smoot-Hawley trade bill of 1930, designed to save jobs and increase revenue for the federal government, resulted in
What will be an ideal response?
About one out of every ________ white children under the age of 18 is poor.
Fill in the blank(s) with the appropriate word(s).
Refer to Scenario 19.2 below to answer the question(s) that follow.SCENARIO 19.2: An individual earning $40,000 pays $3,200 in taxes. The marginal tax rate on any income earned above $40,000 is 20%.Refer to Scenario 19.2. Suppose this person earns $60,000 and gives a tax deductible donation of $1,000 to charity. The donation will reduce her tax payment by
A. $80. B. $120. C. $200. D. $1,000.