Use the following graph for a competitive market to answer the question below.
A black market where the price is $2.00 could result from a price
A. ceiling set at $2.50.
B. floor set at $2.00.
C. floor set at $1.50.
D. ceiling set at $1.50.
Answer: D
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Per capita GNP is defined as a country's GNP divided by its
A) population. B) labor force. C) capitalists. D) None of the above.
Refer to the above table. Suppose the price of X increases from $10 to $12. What is the cross price elasticity of demand between X and Z?
A) +0.292 B) +7.06 C) -7.06 D) -0.292
The marginal propensity to consume measures the ratio of the:
a. average amount of our income that we spend. b. average amount of our savings that we spend. c. change in consumer spending to a change in money holdings. d. change in consumer spending to a change in interest rates. e. change in consumer spending to a change in income.
Federal tax loopholes in personal income tax provide benefits only to very high-income people
a. True b. False Indicate whether the statement is true or false