The law of demand indicates that as the cost of an activity:
A. rises, the level of the activity may or may not increase depending on the individual.
B. rises, more of the activity will occur.
C. falls, less of the activity will occur.
D. rises, less of the activity will occur.
Answer: D
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If Kate pays an average tax rate of 12.5% and her total income is $34,000, she pays ________ as tax
A) $5,500 B) $17,000 C) $4,250 D) $3,200
Most t-shirts bought by Americans are made in Asia. As a result of free trade, the production of t-shirts in America
A) has increased. B) has stayed the same. C) has decreased. D) has been taken over by the government. E) might change, but more information about what else the United States imports is needed to determine if U.S. production increased, decreased, or did not change.
Which of the following asserts that politicians try to match policies to the preferences of “middle-of-the-road” voters?
a. Median voter theory b. Average constituent theory c. Bipartisan politics theory d. Rational ignorance theory
For an imaginary economy, the value of the consumer price index was 140 in 2013, and the inflation rate was 5.0 percent between 2013 and 2014 . The consumer price index in 2014 was
a. 145.0. b. 147.0. c. 135.0. d. 133.3.