Which of the following is false?
a. When demand is elastic, quantity and total revenue change in the same direction along it.
b. When demand is inelastic, quantity and total revenue change in the opposite direction along it.
c. When supply is elastic, quantity and total revenue change in the same direction along it
d. When supply is inelastic, quantity and total revenue change in the opposite direction along it.
d
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Critics of the tax cut of 2001 made all of the following arguments EXCEPT
A. It would push up the federal budget deficit. B. Most of the benefits would go to the rich. C. The last time massive tax cuts were enacted in the 1980s, budget deficits increased dramatically. D. The tax cut will discourage people from working.
Consider the following demand table and the graph.Demand TablePriceQuantity demanded per week$5.00100$4.00150$3.00200$2.00250
Which of the demand curves best reflects the demand table?
A. A B. B C. C D. D
Enforcement of antitrust policy is the responsibility of
A) the Trust Division of Congress and the World Trade Organization. B) the Federal Trade Commission and the Antitrust Division of the Department of Justice. C) the World Trade Organization and the FDA. D) the Food and Drug Administration and Congress.
Purchasing power parity exchange rates can be useful for making comparisons between countries, such as international comparisons of GDP and other economic statistics
a. True b. False Indicate whether the statement is true or false