Samantha was willing to pay $10 for a hamburger because she was hungry but she only paid $2.50. What is the marginal benefit Samantha gained from the hamburger?
A) $2.50
B) $7.50
C) $10.00
D) $12.50
E) None of the above answers is correct.
C
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Both positive nor negative supply shocks a. Change AD
b. Permanently change real output in an economy. c. Change the price level in the long run. d. None of the above are true
In 1991, Congress levied a 10 percent luxury tax on yachts over $100,000 . The tax brought in far less than was anticipated, they must have passed the legislation thinking the demand for yachts was more ___ than it actually was
a. elastic b. inelastic c. unit elastic d. none of the above
Answer the following statement(s) true (T) or false (F)
1.The tax cuts made by Presidents Johnson and Reagan both led to a decline in economic growth. 2.Over time, any permanent change in government purchases must be fully offset by a change in private expenditure. 3.The time span before enough data are gathered to indicate the actual presence of a downturn is known as the recognition lag. 4.Unemployment insurance is the most important automatic stabilizer. 5.Changes in government transfer payments or tax collections that automatically tend to counter business cycle fluctuations are known as discretionary policies.
Over half of U.S. consumer expenditures are for what?
A. Nondurable goods. B. Durable goods. C. Housing. D. Services.