Explain Thomas Hobbes' view that favors consumption as the best tax
What will be an ideal response?
He argued that people should pay taxes in accordance with "what they actually take out of the pot, not what they leave in." The standard of living, the argument goes, depends not on income but on how much income is spent.
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An increase in the number of consumers
A) results only in a movement along the demand curve. B) shifts the supply curve leftward. C) shifts the demand curve rightward. D) Both answers B and C are correct.
According to the Law of Demand, the demand curve for a good will
A) shift leftward when the price of the good increases. B) shift rightward when the price of the good increases. C) slope downward. D) slope upward.
Equilibrium quantity is _____.
If a straight-line demand curve slopes down, price elasticity will:
a. always be greater than one. b. always equal one. c. remain the same at all points on the demand curve. d. change between points along the demand curve.