A perfectly elastic demand curve is
A. a downward sloping straight line.
B. horizontal.
C. a rectangular hyperbola.
D. vertical.
Answer: B
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The table above shows the demand for labor and supply of labor schedules for low-skilled labor. If the labor market is competitive, what is the wage rate of low-skilled labor and what is the quantity of low-skilled labor employed?
A) $6 an hour; 60 hours a day B) $6 an hour; 65 hours a day C) $4 an hour; 70 hours a day D) $4 an hour; 55 hours a day
Without money, no transaction can occur
a. True b. False Indicate whether the statement is true or false
________ post-World War II ________ have been preceded by increases in inflation.
A. Few; recessions B. Many; expansions C. Many; recessions D. All; expansions
Which of the following is correct about the U.S. tax system?
A. The primary federal tax system is regressive, while the primary state and local tax systems are progressive. B. Both the primary federal tax system and the primary state and local tax systems are regressive. C. The primary federal tax system is progressive, while the primary state and local tax systems are regressive. D. Both the primary federal tax system and the primary state and local tax systems are progressive.