The consumption function is a function showing the relationship between consumption and
A) disposable income.
B) exports.
C) interest rates.
D) investment.
A
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Using the above figure, the efficient amount of paper produced is
A) 60 million tons. B) 80 million tons. C) 100 million tons. D) 120 million tons.
Firms would like to know the price elasticity of demand for their products because it helps determine the effect of price changes on the firms'
a. property taxes b. competitors' profits c. quantity supplied d. revenues e. total costs
The City of Greenville needs to raise revenue. Alderman Black has proposed a $10 tax on red cars in the city, currently numbering 2,000 . Mayor White, who wants more than $20,000 in revenue, proposes taxing these cars at $100 each. Councilwoman
Bluestone goes even farther, suggesting a $1,000 per red car tax, arguing that her proposal will raise $2 million. If maximizing tax revenue is the only consideration, which proposal should pass? Why?
Money
a. is a perfect store of value. b. is the most liquid asset. c. has intrinsic value, regardless of which form it takes. d. All of the above are correct.