A tradable allowance is:
A. the minimum amount set by the government that can be bought or sold in a market.
B. a production or consumption quota that can be bought or sold.
C. the permitted price for the trade of a particular good.
D. None of these statements is true.
B. a production or consumption quota that can be bought or sold.
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If demand for a seller’s product is elastic, a price decrease will increase total revenue.
Answer the following statement true (T) or false (F)
From 1960 to 1980, federal government spending on national defense _____
a. declined from about half to less than one quarter of all expenditures b. declined from one-third to less than one quarter of all expenditures c. increased from about half to nearly 60 percent of all expenditures d. increased from about one quarter to nearly one-half of all expenditures
If Ford raises the price of its automobiles, the demand curve for GM automobiles
a. shifts to the left b. is unaffected c. becomes more elastic d. shifts to the right e. becomes vertical
Which of the following can be considered an income risk?
a. Recession causing loss of pay to employees working in a particular industry b. Fall in employee turnover affecting company profits c. Economic growth resulting in demand-pull inflation d. Stock market boom encouraging investment in risky assets