The price elasticity of demand
A) depends on the units in which quantity is measured.
B) depends on the units in which price is measured.
C) depends on the units in which money is measured.
D) is independent of the units in which quantity and price are measured.
D
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The income velocity of money is
A. the time it takes for monetary policy to have an effect on world financial markets. B. the time lag from when the Fed decides to increase the money supply until the effect takes place. C. the number of times per year a dollar is spent on final goods and services. D. the time it takes to produce money.
The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by
A) only buyers. B) only sellers. C) both buyers and sellers. D) neither buyers nor sellers.
Graphically, all else constant, a decrease in the price of labor would be illustrated by:
A) a parallel shift of the isocost line in toward the origin. B) rotating the isocost line away from the origin along the labor axis. C) a parallel shift of the isocost line away from the origin. D) rotating the isocost line in toward the origin along the capital axis.