The income tax levied during the Civil War (1861–65) was declared constitutional in Springer v U.S. (1881) because it was not a direct tax
Indicate whether the statement is true or false
True
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Use the supply and demand model to explain why the salaries of nurses in increasing?
a. Demand has increased while supply also increased. b. Demand has increased while supply decreased. c. Demand has decreased while supply decreased. d. Demand has decreased while supply increased.
A monopolist produces in the elastic segment of its demand curve because when it lowers the price
A) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue increases. B) the percentage change increase in quantity demanded is less than the percentage change decrease in price and total revenue increases. C) the percentage change increase in quantity demanded is greater than the percentage change decrease in price and total revenue decreases. D) the percentage change decrease in quantity demanded is less than the percentage change decrease in price and total revenue increases.
The long run is defined as the time period in which
A. the firm can alter its rate of production. B. the firm can vary only one input. C. all factors of production can be altered. D. the firm can make positive economic profits.
Why is the demand for resources called a “derived” demand? On what two factors does the strength of the demand for resources depend? How are these two factors related?
What will be an ideal response?