Since the slope of a downward-sloping demand curve is constant, the price elasticity of demand does not change when moving along this line
a. True
b. False
Indicate whether the statement is true or false
False
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The above figure shows the apartment rental market in Bigtown. If the market is in equilibrium and then the Bigtown Housing Authority imposes a rent ceiling of $500 per apartment, which of the following would occur?
A) a decrease in the search time and expense of finding an apartment B) an increase in the search time and expense of finding an apartment C) an increase in producer surplus but a decrease in consumer surplus D) an increase in efficiency
Whether you are studying the money economy of the U.S., Pakistan, China, or the Federated States of Micronesia, the characteristics that money must have include
a. portability, durability, and flexibility b. durability, flexibility and readily acquired c. durability, portability, and heterogeneity (nonhomogeneous) d. portability, durability and relative scarcity e. portability, homogeneity, and flexibility
When, over a sustained period of time, the growth of aggregate business activity falls below what is considered the normal growth rate, the economy necessarily experiences
A. inflation. B. an expansion. C. a recession. D. deflation.
Refer to the information provided in Table 19.4 below to answer the question(s) that follow.Table 19.4Total IncomeTotal Taxes$10,000 $1,000 20,000 2,400 30,000 4,500 40,000 8,000Related to the Economics in Practice on page 393: Refer to Table 19.4. At an income level of $10,000, the average tax rate is
A. 1%. B. 5%. C. 10%. D. 20%.