(Last Word) Art Buchwald's article "Squaring the Economic Circle" humorously describes how:
A. a person's decision not to buy an automobile eventually reduces many people's incomes,
including that of the person making the original decision.
B. a price increase on a single product eventually leads to rapid inflation.
C. an increase in imports eventually leads to a greater increase in exports.
D. a government tax rate increase eventually results in the government collecting less tax
revenue than before the tax rate hike.
A. a person's decision not to buy an automobile eventually reduces many people's incomes,
including that of the person making the original decision.
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What will be an ideal response?
If an increase in income results in a decrease in the quantity demanded of a good, then for that good, the
a. cross-price elasticity of demand is negative. b. price elasticity of demand is elastic. c. income elasticity of demand is negative. d. income elasticity of demand is positive.
The price ceiling that was used to control the price of housing in New York City and other cities was called ____________ .
a. rent control b. rent abatement c. housing control d. equilibrium price
Table 19-1 ? American Coal British Coal Cost per Ton Cost per Ton $150 £75 From Table 19-1, what is the exchange rate between the dollar and the pound?
A. 1 dollar is worth 2 pounds. B. 1 pound is worth 2 dollars. C. 1 pound is worth 1 dollar. D. 1 pound is worth 50 cents.