Demand is said to be ____ when the quantity demanded changes the same proportion as the price
a. independent
b. inelastic
c. unit elastic
d. elastic
c
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Voluntarism in recycling garbage
a. generally has not been successful. b. works only where there is surveillance. c. increases the cost of recycling waste. d. has worked best of all recycling program alternatives.
Appreciation of the dollar refers to
A. An increase in the dollar price of foreign currency. B. A fall in the dollar price of a foreign currency. C. Intervention in international money markets. D. A loss of foreign exchange reserves.
According to the Zuckerberg, Seacrest, and Swift illustration:
A. Zuckerberg, Seacrest, and Swift did not weigh marginal benefits against marginal costs when making decisions. B. Attending college has little effect on lifetime earnings. C. Zuckerberg, Seacrest, and Swift made a mistake by not attending college. D. Opportunity costs vary greatly between individuals and matter in decision making.
An economy is experiencing a high rate of inflation. The government wants to reduce aggregate demand by $36 billion to reduce inflationary pressure. The MPC is 0.75. By how much should the government raise taxes to achieve its objective?
A. $9 billion B. $6 billion C. $16 billion D. $12 billion