In a market, the marginal buyer is the buyer
a. whose willingness to pay is higher than that of all other buyers and potential buyers.
b. whose willingness to pay is lower than that of all other buyers and potential buyers.
c. who is willing to buy exactly one unit of the good.
d. who would be the first to leave the market if the price were any higher.
d
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To prevent obesity, the government may establish a tax on high caloric foods, such as twinkies. A twinkie tax will have the smallest impact on quantity demanded when the demand curve for twinkies is
A) perfectly elastic. B) perfectly inelastic. C) more elastic than the supply curve. D) both A and B.
Everyone in an economy tends to do better when we experience:
A. high economic growth, low unemployment, and high inflation. B. steady economic growth, low unemployment, and stable prices. C. steady economic growth, high unemployment, and stable prices. D. high economic growth, high unemployment, and low inflation.
Which of the following does not contribute to a pro-business climate for investors?
A. Secure property rights. B. Minimal government regulation. C. High tax rates. D. Legalized profit.
Which of the following statements is true?
A. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation's production level. B. The expenditures approach sums the compensation of employees, rents, profits, net interest, and nonincome expenses for depreciation and indirect business taxes. C. Real GDP has been adjusted for changes in the general level of prices due to inflation. D. Real GDP equals nominal GDP multiplied by the GDP deflator.