The percent change in the quantity of one commodity demanded divided by the percent change in the price of another commodity is the
a. price elasticity of demand
b. price elasticity of supply
c. income elasticity of demand
d. income elasticity of supply
e. cross-price elasticity of demand
E
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The corporate income tax is
a. a tax on corporate profit, not revenue. b. the single largest source of federal revenue. c. a payroll tax paid partially by employees and partially by employers. d. has increased as a proportion of federal tax revenue since 1950.
Assume the economy is in equilibrium. If the interest rate falls, what sequence of events will return the economy to equilibrium?
A) Total spending rises as investors move funds into foreign assets, causing the exchange rate to rise (depreciate), and the trade balance increases, causing output to rise. B) Savers save more to replace lost interest earnings, consumption falls, imports rise, and the trade balance falls, causing output to fall. C) Total spending falls, unemployment rises, government transfers increase, inflation rises, and the exchange rate falls (appreciates). D) Bond prices rise, causing foreign investment to flow in, causing the exchange rate to fall (appreciate).
Higher energy prices can be used to explain the productivity slowdown in the period from
A. 1948 to 1973. B. 1973 to 1995. C. 1973 to 1980. D. 1995 to 2000.
Nodes are:
A. different points in geographic or economic space linked by a network. B. examples of negative network externalities. C. examples of positive network externalities. D. None of the statements are correct.