Figure 33-5
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The data illustrated in Figure 33-5 would be most representative of which of the following decades?
A. The 1960s
B. The 1970s
C. The 1980s
D. The 1990s
Answer: B
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In the above figure, if D2 is the original demand curve for a normal good and income decreases, which price and quantity might result?
A) point a, with price P2 and quantity Q2 B) point b, with price P1 and quantity Q1 C) point c, with price P3 and quantity Q3 D) point d, with price P1 and quantity Q3
The inflation tax is primarily a tax on
A) government bonds. B) Social Security recipients. C) money. D) real income.
If a firm offers a senior citizen discount,
A) the firm expects the average senior citizen to have a lower price elasticity of demand. B) the firm expects the average senior citizen to have a higher price elasticity of demand. C) senior citizens may be offended. D) it may be prosecuted for discrimination.
The Medicare tax is applied only to the first $87,000 of income
a. True b. False