Zero bound refers to a situation when inflation rates are at or very near zero in an economy
a. True
b. False
Indicate whether the statement is true or false
False
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If everyone were taxed the same absolute amount, say $500, this tax would be considered
a. progressive b. a unit tax c. regressive d. excise e. cooperative
The law of diminishing marginal utility explains why
a. most individual demand curves are straight lines. b. the consumer's optimal purchase is at the tangency of an indifference curve and the budget line. c. most individual demand curves slope downward. d. marginal utility falls when total utility falls.
An economy in which output has decreased and prices have decreased would suggest a:
A. decrease in short-run aggregate supply. B. increase in aggregate demand. C. increase in short-run aggregate supply. D. decrease in aggregate demand.
The wealthy have a ________ marginal propensity to consume.
A. more elastic B. higher C. lower D. less elastic