The law of demand refers to the
a. inverse relationship between the price of a good and the willingness of consumers to buy it.
b. price increase that results from an increase in demand for a good of limited supply.
c. inverse relationship between the price of a good and the quantity offered for sale.
d. increase in the quantity of a good available when its price increases.
A
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World War II (1941–45) bond sales
(a) were successful and purchased primarily by banks, not private individuals. (b) were successful and purchased primarily by private individuals, not banks. (c) were successful but eventually led to inflation when bondholders decided to cash them in or sell them to the Fed. (d) were not successful.
The mobility of _____ means that in the _____ it can be used for consumption, thus the burden of most corporate income taxes will be borne by the customers of a firm
a. labor; long run b. labor; short run c. capital; long run d. capital; short run
Research shows that people rearrange their income from different sources to reduce their:
A. tax rate. B. necessary work hours. C. total bill. D. tax burden.
It is difficult to know whether an economy is in or moving toward equilibrium because
a. an economy is always at rest, which is equilibrium b. the economy only changes when it moves from one equilibrium level to another c. our economy is always at full employment, which is regarded as an equilibrium position but changes in the rate of inflation at full employment suggest that it can surpass equilibrium d. there is always increasing inflation coupled with low productivity growth e. economic changes are continuous so that an equilibrium level is difficult, if not impossible, to identify