When two goods are substitutes for each other, the cross price elasticity of demand
A) will be negative.
B) will be zero.
C) may be either positive or negative.
D) will be positive.
D
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Tying arrangements are always held to be illegal under U.S. antitrust law
Indicate whether the statement is true or false
Assume the government was to levy a tax of $100 per person on every individual in the country. Would this tax be characterized as proportional, progressive or regressive? Make sure to explain your reasoning
What will be an ideal response?
Which of the following is a lesson from the Condorcet paradox?
a. If voters are choosing a point along a line, then majority rule will pick the most preferred point of the median voter. b. Under certain conditions, there is no scheme for aggregating individual preferences. c. When there are more than two options, deciding the order in which to vote can have a powerful influence over the outcome of an election. d. Majority voting always indicates what outcome a society really wants.
A cost of unemployment typically borne by society at large rather than the unemployed themselves is:
A. lost self-esteem. B. lost income. C. lost tax revenue. D. feelings of loss of control over one's life.