The "law of demand" means that the demand for any scarce good
A) is completely elastic.
B) cannot be completely inelastic.
C) must be inelastic.
D) is only a short-run demand.
E) cannot be elastic.
B
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Suppose you hold $50 to buy groceries weekly and then the price of groceries increases by 5 percent. To be able to buy the same amount of groceries, what must happen to your nominal money holdings?
A) They must increase by $5. B) They can decrease by $5. C) They must increase by $2.50. D) They must increase, but the amount of the increase depends on income.
If one person earns $20,000 per year and another person earns $80,000 per year, they both will pay the Social Security tax __________.
A. at the same average tax rate B. but the poorer person will pay at a higher average tax rate C. but the richer person will pay at a higher average tax rate D. but it is impossible to calculate their individual average tax rates
When the supply of Swiss cheese decreases while the demand for Swiss cheese increases, the equilibrium ________ of Swiss cheese will definitely ________, ceteris paribus.
A. price; increase B. price; decrease C. quantity; increase D. quantity; decrease
For the fall semester, you had to pay a nonrefundable fee of $600 for your meal plan, which gives you up to 150 meals. If you eat 100 meals, your average cost for a meal is:
A. $6. B. $4. C. $0.25. D. $5.