The above figure shows the demand curve for crude oil. If the market price is $10 a barrel, what is the price elasticity of demand?
A) -.02
B) -1
C) -10
D) -500
B
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Current income minus spending on current needs equals:
A. transfers. B. wealth. C. saving. D. investment.
Thomas Malthus's predictions did not come to pass because he implicitly assumed that there would be no technological advances and did not foresee that agricultural land was not completely fixed in quantity or quality
a. True b. False Indicate whether the statement is true or false
Lindahl prices
A. result in efficient levels of public goods provision. B. require honest revelation of preferences. C. result in different prices for the same amount of output. D. cause all of these. E. none of these answer options are correct.
Assume you pay a tax of $4000 on a taxable income of $24,000. If your taxable income were $30,000, your tax payment would be $5000. This tax structure is:
A. discriminatory. B. regressive. C. proportional. D. progressive.