The "old" Keynesian approach dominated macroeconomic theory until the
A) 1930s.
B) late 1950s.
C) late 1960s.
D) early 1980s.
C
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If a $10 sales tax is imposed on a good and the equilibrium price increases by $10, the tax is
A) split between buyers and sellers but not evenly. B) paid fully by sellers. C) paid fully by buyers. D) split evenly between buyers and sellers. E) perhaps split between buyers and sellers but it is impossible to determine the incidence without further information.
The slope of the budget constraint reveals the relative price of good X compared to good Y
a. True b. False Indicate whether the statement is true or false
Which of the following is the best example of a perfectly competitive firm?
A. DeBeers Diamond Company B. your local cable television company C. Tino's Italian Eatery, a local restaurant D. Jones's wheat farm in eastern Washington
Recall the Application regarding the elasticity of demand for public transit varying over time to answer the following question(s).According to the Application, the demand for public transit is in the short run is ________, so a 10 percent increase in the transit fare will decrease ridership by ________.
A. 0.40; 4 percent B. 0.60; 6 percent C. 0.50; 5 percent D. 0.7; 7 percent