Before the Great Depression, economists applied microeconomic models to economy-wide problems.
Answer the following statement true (T) or false (F)
True
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Since 1942, the number of school districts in the United States has declined by almost _____ districts
a. 25,000 b. 50,000 c. 75,000 d. 100,000
A tax is imposed on orange juice. Consumers will bear no burden from this tax if the: a. demand for orange juice is perfectly inelastic
b. supply curve for orange juice is unit elastic. c. demand for orange juice is unit elastic. d. supply curve for orange juice is perfectly inelastic.
Define a price ceiling and explain how it affects resource allocation in a market. Give a real-world example of a price ceiling.
What will be an ideal response?
If inflation was 3 percent last year and 2 percent this year, an individual who follows extrapolative expectations would predict that the inflation rate for the coming year would be:
A. 1 percent. B. 0 percent. C. 3 percent. D. 5 percent.