When analyzing stages of economic development in the United States, it appears that we have entered the "tertiary stage." This is a stage marked by a shift toward
A) agriculture.
B) manufacturing.
C) services.
D) population increases.
C
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________ is a period of falling prices of goods and services in an economy
Fill in the blank(s) with correct word
An income tax is progressive if the
a. tax rate decreases as income increases. b. percentage of income paid in taxes increases as income increases. c. percentage of income paid in taxes stays the same regardless of the size of income. d. dollar amount paid in taxes increases with income.
Income mobility
a. is a term used to characterize the ease of establishing residence or a business in a new area of the country. b. has increased in recent years because of reductions in transportation cost. c. is the term used to describe the movements up and down the economic ladder. d. is present only when the general level of prices is rising.
The mid-point method of calculating elasticity is typically used because:
A. it is universally understood by all economists. B. it is a consistent way to estimate the elasticity of demand between two points on a demand curve, regardless of the direction of the movement. C. it is easier to calculate. D. the negative sign can then be ignored.