When the percentage change in the quantity demanded exceeds the percentage change in price, then demand is
A) inelastic.
B) unit elastic.
C) elastic.
D) irrelevant.
E) undefined.
C
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If GDP falls:
A) income and production must both fall. B) income and production must both rise. C) income must rise, but production may rise or fall. D) none of the above.
All of the following are characteristics of a proprietorship EXCEPT
A) the business is owned by one individual. B) one person is responsible for all the debts of the firm. C) one person gets all of the profits. D) the firm can form a corporation to protect itself against the debts.
The burden of a progressive tax ________ as a percentage of income as income ________.
A. falls; rises B. falls; falls C. does not change; rises or falls D. rises; falls
Consider the monopsony in the above figure. The 200th hour of labor creates how much added revenue per hour for the monopsony?
A) $10 B) $15 C) $20 D) None of the above answers is correct.