In the United States today, the U.S. dollar is backed by
A) silver. B) U.S. Treasury securities.
C) gold. D) none of the above
D
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If movies are an inferior good, movie attendance will rise when consumer incomes fall
a. True b. False Indicate whether the statement is true or false
Which of the following is true about increasing cost industries? a. They use a large portion of available specialized input resources in production
b. In order for industry output to expand, the prices of the specialized inputs will increase. c. Expansion of industry output leads to a higher equilibrium price in the long run. d. All of the above are generally true of increasing cost industries.
A tax that is higher for men than for women violates the criterion of
a. horizontal equity. b. vertical equity. c. the ability-to-pay principle. d. the marriage tax.
If the percentage change in the price of a good is less than the resulting percentage change in the quantity demanded of that good, then the demand for that good is:
A. inelastic. B. elastic. C. perfectly inelastic. D. unit elastic.