The amount of a tax paid by the sellers will be smaller the more ________ the demand and the more ________ the supply
A) elastic; inelastic
B) inelastic; elastic
C) inelastic; inelastic
D) elastic; elastic
B
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On a production possibilities curve, the opportunity cost of good X, in terms of good Y, is represented by the:
a. distance to the curve from the vertical axis. b. distance to the curve from the horizontal axis. c. movement along the curve. d. all of these.
Keynes called the money people hold in order to pay unforeseen or unexpected expenses the:
A. transactions demand for holding money. B. precautionary demand for holding money. C. speculative demand for holding money. D. store of value demand for holding money.
Recall the Application about genetic testing and adverse selection to answer the following question(s).According to the Application, what is causing more and more consumers to get a complete genetic profile of themselves?
A. The cost of genetic testing is decreasing. B. The government is subsidizing genetic testing through Medicare. C. More employers are requiring genetic testing before workers are hired. D. More people want to know which famous person they are related to.
Bertha does not expect any unforseen events but holds some of her savings as currency and coins placed in her sewing basket. This is an example of
A. precautionary demand for money. B. asset demand for money. C. transactions demand for money. D. speculative demand for money.