You bought a subscription for an online magazine and shared your log-in details with a friend. Your friend is a ________ in this case
A) free-rider
B) rent seeker
C) speculator
D) hedger
A
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If the cross-price elasticity of demand for a good is estimated at -3.9, estimate the percentage change in quantity demanded of the good when the price of the related good increases from $30 per unit to $75 per unit
Also, if it is known that the income elasticity of demand for the same good is 2.5, estimate the percentage change in demand if consumer income increases from $100 to $300.
The more elastic the supply curve, _____
a. the greater the tax evasion b. the more suppliers have to bear the tax burden c. the more suppliers can shift the tax burden to demanders d. the more demanders shift the supply curve
If demand is price inelastic, a decrease in price
a. raises total revenue to the seller b. raises total expenditure on the good, but not total revenue to the seller c. reduces total revenue to the seller d. leaves total revenue to the seller unchanged e. leaves total expenditure on the good unchanged
The total fiscal expenditure in a country during a particular year was $3.5 million. If the government borrows $1.2 million to meet this expenditure, then total tax revenue was:
a. $4.7 million. b. $3.2 million. c. $2.3 million. d. $1.2 million.