If the demand for land shifts upward, rents will be
a. earned by some land that was formerly unprofitable.
b. lost to many landowners.
c. diminished for society as a whole.
d. taxed away to help pay the costs of government.
a
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Due to the recession in 2008, firms decreased their profit expectations. As a result, there was a ________ shift in the ________ loanable funds curve
A) rightward; supply of B) leftward; demand for C) rightward; demand for D) rightward, supply of
In consumer equilibrium: a. the average utility from each dollar spent is the same
b. total utility cannot be increased by reallocating spending among the goods consumed. c. total utility obtained from the consumption of each product is at a maximum. d. the marginal utility from the last unit of each good consumed is the same.
A person's sensitivity to a price change for a good, such as breakfast cereal, depends on all of the following except the
a. price of the good b. cost of producing the good c. person's income d. availability and closeness of substitutes e. time the person has to adjust to the price change
Who actually pays an excise tax
A. is determined by income bracket. B. is determined by who the law assigns the tax. C. is wage and salary earners but not people who have only investment income. D. is determined by the change in prices and outputs caused by the tax.