The law of demand is illustrated by a demand curve that is:
a. horizontal.
b. downward-sloping.
c. vertical.
d. upward-sloping.
b
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A closed economy is one in which
A) investment spending is zero. B) government spending is zero. C) there are no imports or exports. D) demand equals supply in every market.
Employers can shift payroll taxes by substituting capital for labor
a. True b. False Indicate whether the statement is true or false
Congress intended that
a. the entire FICA tax be paid by workers. b. the entire FICA tax be paid by firms. c. one-quarter of the FICA tax be paid by workers, and three-quarters be paid by firms. d. half the FICA tax be paid by workers, and half be paid by firms.
In practice, monopolistically competitive markets are:
A. very rare. B. virtually nonexistent. C. the only type of market that truly exists. D. very common.