If a small percentage change in price causes a larger percentage change in the quantity demanded, the good has:
A. an inelastic demand.
B. a low magnitude of response.
C. an elastic demand.
D. a high magnitude of response.
C. an elastic demand.
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The seven members of the Board of Governors of the Federal Reserve are appointed by
A) Congress. B) the Treasury Department. C) the President. D) leaders in the banking industry. E) the Governors of the States.
For a perfect first-degree price discriminator, incremental revenue is
A) greater than price if the demand curve is downward sloping. B) the same as the marginal revenue curve if the firm is a non-discriminating monopolist. C) equal to the price paid for each unit of output. D) less than the marginal revenue for a non-discriminating monopolist.
To calculate GDP using the income approach, add:
a. indirect business taxes and Social Security taxes. b. capital depreciation and Social Security taxes. c. indirect business taxes and personal taxes. d. indirect business taxes and depreciation. e. compensation of employees, rents, profits, net interest, indirect business taxes, and depreciation.
Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. The ________ from this payroll tax are $3,500.
A. total tax collections B. total wage saving C. total cost to workers D. total cost to employers