A tariff on French perfume will ____ the price of perfume in the U.S. and ____ the quantity purchased.
Fill in the blank(s) with the appropriate word(s).
raise; lower
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The Lithuanian tax rate for all citizens' income is 24 percent. If the Lithuanian government was concerned about income inequality, they should change the tax system from a system that is currently ________ to a system that is ________
A) progressive; proportional B) regressive; progressive C) proportional; progressive D) proportional; regressive
Suppose investors become more optimistic that the economy will be doing well over the next decade. How will the market for loanable funds as depicted in the accompanying graph be affected?
A. Supply will shift to the right from S1 to S2.
B. Supply will shift to the left from S2 to S1.
C. Demand will shift to the right from D1 to D2.
D. Demand will shift to the left from D2 to D1.
Suppose the demand for tacos increases. Ceteris paribus, what will happen to producer surplus in the market for tacos?
What will be an ideal response?
In 2017, the U.S. median income for a family of four was about $61,000.
Answer the following statement true (T) or false (F)