Suppose a cup of coffee at the campus coffee shop is $2.50 and a cup of hot tea is $1.25 and that a student's beverage budget is $20 per week. What is the most cups of tea the student could buy?
a. 20
b. 16
c. 10
d. 8
b
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A regressive tax:
A. takes the same percentage of taxes from income from all taxpayers. B. requires those with low incomes to pay a smaller percentage of their income than high-income people. C. is levied so that low-income taxpayers pay a greater proportion of their income toward taxes than high-income taxpayers. D. taxes everyone the same amount, regardless of their income.
Which factor always results in an increase in price and quantity?
A. an increase in supply with no change in demand B. an increase in supply and a decrease in demand C. a decrease in demand and supply D. an increase in demand with no change in supply
If demand increases while supply simultaneously decreases, then the equilibrium quantity
A. can never change. B. always increases. C. always decreases. D. None of these
Which is not one of the four basic questions used by economists to break down problems?
A. Why isn't everyone already doing it? B. What are the trade-offs? C. How will others respond? D. What do others think?