Which factor listed below does NOT help account for the age-earning cycle?
A) productivity
B) number of hours worked each week
C) effects of aging
D) racial discrimination
Answer: D
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If the percentage change in price is 10 percent and the demand is elastic, then the percentage change in the quantity demanded
A) is greater than 0 percent but less than 10 percent. B) is larger than 10 percent. C) equals 0 percent. D) equals 10 percent. E) More information is needed to determine the magnitude of the change in the quantity demanded.
Demand for oil around the world tends to be very inelastic
Indicate whether the statement is true or false
In the "Interdisciplinary Perspective" titled "A Philosophical Critique on the Marginal Utility of Money," the basic point made is that
a. the law of diminishing marginal utility does not apply to money b. marginal utility always increases at an increasing rate for money c. once basic needs are met, additional income or wealth does not increase happiness d. most of the theories advanced by economists are flawed e. the total utility function for money has a downward slope
Taxes levied on broad bases tend to distort choice ________ and impose ________ excess burden than taxes on more sharply defined bases.
A. less; larger B. more; larger C. more; smaller D. less; smaller