The United States economy experienced stagflation during the
A. 1950s.
B. 1960s.
C. 1970s.
D. 1990s.
Answer: C
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There are two closely related crops, X and Y, with the following demand functions QX = 180 - 2PX + PY and QY = 150 + PX - PY where QX is the quantity of X, PX is the price of X, QY is the quantity of Y, and PY is the price of Y
These two crops are grown in two widely separated countries so there is no interrelationship between the supply curves. The short-run perfectly inelastic supply for X is 200 while the short-run perfectly inelastic supply for Y is 100. In equilibrium, the prices are A) PX = 30, PY = 80 B) PX = 40, PY = 60 C) PX = 60, PY = 120 D) PX = 80, PY = 130
Insurance premiums represent:
A. the expected value of the payout the company will give to individuals who are insured. B. more than the expected value of the payout the company will give to individuals who are insured. C. less than the expected value of the payout the company will give to individuals who are insured. D. peace of mind and are unrelated to the expected value of the payout the company will give to individuals who are insured.
Excise tax is considered ______ because lower earners pay a ______ percentage of their income for this type of tax.
a. progressive; higher b. regressive; lower c. regressive; higher d. progressive; lower
What is the relationship between price elasticity of demand and total revenue?
What will be an ideal response?