If tax rates are cut, tax revenues may rise, fall, or remain unchanged. What actually happens is considered a(n)
A) theoretical issue.
B) corrective issue.
C) empirical issue.
D) self-regulating issue.
E) multiplier issue.
C
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Rock climbing areas are often on public lands. These areas, which are often crowded, are classified as
A) rival and excludable. B) non-rival and excludable. C) rival and non-excludable. D) non-rival and non-excludable.
Sam consumes only sandwiches and soda and maximizes his total utility. Suppose that the price of a sandwich falls. At the new consumer equilibrium, Sam substitutes ________ for ________
Sam's marginal utility from soda ________ and his marginal utility per dollar spent on sandwiches ________. A) sandwiches; soda; increases; increases B) soda; sandwiches; decreases; increases C) sandwiches; soda; increases; decreases D) soda; sandwiches; stays the same; stays the same
Saving by households and businesses is called ________ saving.
A. national B. aggregate C. private D. public
In a monopolistically competitive market, how do we model the firm's slight control over the price that they charge?
A. The demand curve is downward sloping and very elastic. B. The demand curve is downward sloping and very inelastic. C. The ATC is relatively flat. D. The AVC is horizontal.