Which of the following is NOT a reason why the effects of tax cuts on government spending dissipate and each additional change in consumption and income becomes smaller and smaller?
A) Some of the increase in income will be lost through taxation.
B) Some of the increase is saved and does not result in an increase in consumer demand.
C) Some of the increase in consumption will be an additional demand for imported goods.
D) Some of the increase is used for business investment.
D
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Since World War II, the percentage of U.S. workers who are unionized has declined from about 86 percent to its current level of 60 percent
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
a. The demand for tobacco products tends to be elastic. b. Total revenue is maximized when price elasticity of demand is one. c. Goods are said to be price inelastic when the elasticity is greater than two. d. The demand for milk is more elastic than the demand for luxury travel cruises. e. The demand for 5-cent candy is more elastic than the demand for Irish lace tablecloths.
Legally, a patent grants a firm an exclusive right to its innovation for a period of
a. 1 year b. 5 years c. 10 years d. 14 years e. 17 years
The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The opportunity cost of producing cheese in the United States is Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. 0.5 gallon of wine. B. four gallons of wine. C. one gallon of wine. D. 0.25 gallon of wine.