If the demand curve for a product is vertical, any tax increase on the product is paid for entirely by the consumer
Indicate whether the statement is true or false
TRUE
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Prices of smartphones (assume that this is a normal good) have fallen in recent years. Over this same period, the price of the components used to produce smartphones has also fallen and consumer incomes have risen
Which of the following best explains the falling prices of smartphones? A) The supply curve for smartphones has shifted to the right while the demand curve for smartphones has shifted to the left. B) The supply curve for smartphones has shifted to the right more than the demand curve has shifted to the right. C) The demand curve and the supply curve for smartphones have both shifted to the left. D) The demand curve for smartphones has shifted to the right more than the supply curve has shifted to the right.
In order for a patent to be considered useful, it must meet which of the two criteria?
A) It serves some minimal human need and has a downward sloping demand curve. B) It works as intended and serves some minimal human need. C) It minimally works as intended. D) It works as intended and has downward sloping demand curve.
The value of the deposit multiplier is increased if individuals hold all their money in cash
a. True b. False Indicate whether the statement is true or false
If there is an adverse supply shock and the Federal Reserve responds by increasing the growth rate of the money supply, then in the short run the Federal Reserve's action will raise inflation and lower unemployment
a. True b. False Indicate whether the statement is true or false