If the demand for cigarettes decreases after the U.S. Surgeon General publicizes five new diseases associated with smoking, this is conclusive evidence that the demand for cigarettes is elastic
Indicate whether the statement is true or false
FALSE
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The price elasticity of demand is -1.5. The price elasticity of supply is 1.5. The fraction of a specific tax that is borne by producers is ________
A) 0 B) 0.25 C) 0.5 D) 0.75 E) 1
Which of the following will be included as a unilateral transfer in the balance of payments account of a country?
a. Transportation costs involved in traveling from a foreign country to the domestic country b. A foreign worker in the domestic country sending money to his home country c. Compensation earned by foreign workers in the domestic country d. Royalties paid to residents working in a foreign country e. Income paid on foreign-owned investments in the domestic country
Which of the following statements about positive analysis is? correct?
A. Positive analysis is concerned with what ought to be. B. Positive analysis can be used to determine whether policies are good or bad. C. Positive analysis is concerned with what is. D. Positive analysis involves value judgments.
A balanced budget is present when:
A. the economy is at full employment. B. the actual level of aggregate spending equals the planned level of spending. C. public sector spending equals private sector spending. D. government revenues equal government expenditures.