The response in quantity demanded to a price increase in subway rides:
A. will be more elastic in six weeks than in six months.
B. will be less elastic in six weeks than in six months.
C. will be the same over that time period.
D. is unpredictable without more information.
B. will be less elastic in six weeks than in six months.
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A negative balance of trade is when ___________.
Fill in the blank(s) with the appropriate word(s).
Elasticity is a measure of:
a. the slope of a linear demand curve. b. the slope of a supply curve. c. relative responsiveness. d. economic welfare. e. consumer tastes.
The administrative burden of taxes is:
A. smallest with a lump-sum tax. B. the same if the revenue generated is the same for any kind of tax. C. smaller the larger the amount of the tax. D. the same across all types of taxes.
In macroeconomics, equilibrium is defined as the point at which:
a. the economy attains the highest level of GDP. b. there is no unemployment in the economy. c. people's plans match the reality. d. there is high inflation and unemployment in the economy. e. there is no inflation in the economy.