Cross-price elasticity is used to determine whether goods are inferior or normal goods
a. True
b. False
Indicate whether the statement is true or false
False
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A closed economy is one that
A. uses tariffs. B. uses quotas to restrict trade. C. uses exchange controls. D. does not trade with other nations.
In the short run, a supply shock that shifts the short-run aggregate supply curve leftward raises the price level and increases real GDP
Indicate whether the statement is true or false
________ of people work at firms that have 50 or more employees
A) Less than 25 percent B) About 50 percent C) More than 75 percent D) Close to 97 percent
A friend tells you he is studying the incidence of the corporate income tax. What is the subject of his study?
A. how the burden of corporate taxation is distributed among stockholders, employees, and consumers B. how inflation affects the amount of tax revenue collected from firms C. how frequently corporations should be taxed D. how corporations can aid the government in collecting delinquent taxes