An increased demand for the services of tax accountants
A) may raise their fees but cannot affect their costs.
B) may raise their fees by making it more costly for them to provide services to any client.
C) will lead to fewer people using the services of tax accountants because higher prices mean a smaller quantity demanded.
D) will lower their fees in the long run by producing more tax accountants.
B
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The budget line can shift or rotate
A) only when income changes. B) only when prices change. C) when either income or prices change. D) None of the above, because changes in income and prices do not shift or rotate the budget line.
Explain why one can write the demand for money as the price level times a function of the interest rate and real income as follows: = PxL (R, Y)
What will be an ideal response?
Shaina and Mariah have a business that provides personal fitness training services. They know that after raising their prices from $100 to $150 per hour, the quantity of hours they spent delivering training services fell from 45 to 40 hours per week. The demand for their services is:
a. elastic, with a price elasticity coefficient greater than one. b. elastic, with a price elasticity coefficient less than one. c. inelastic, with a price elasticity coefficient greater than one. d. inelastic, with a price elasticity coefficient less than one.
Societies in which _____ produce more entrepreneurs
a. the ratio of immigrants to the local population is high b. culture supports individual achievements c. individuals are self-interested d. immigrants are allowed to hold government positions e. immigrants are more intelligent than the local population