Existing loopholes erode the progressivity of the U.S. tax system
a. True
b. False
Indicate whether the statement is true or false
True
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Economics is a social science in the sense that it
A. rigorously examines human behavior. B. is not as scientific as physics. C. relies on historical data instead of mathematical data. D. relies on statistics instead of mathematics. E. All of these responses are correct.
Which of the following statements is true?
A) Geography and culture of a nation are under human control, while institutions of a nation are outside of human control. B) Geography refers to man-made factors, and in particular to the organization of society determined by the members of that society. C) Geography of a nation is not always under human control, while institutions of a nation are man-made. D) Most of the geography of a nation can be changed over time.
The more successful a seller is in inducing buyers to pay the maximum price they would be willing to pay rather than do without the good, the
A) closer will the seller's marginal revenue curve come to the demand curve. B) greater will be the demand for the good. C) more elastic will be the demand for the good. D) more inelastic will be the demand for the good.
If a 10 percent increase in price causes a 5 percent increase in quantity supplied, then supply is
A) elastic. B) inelastic. C) unit elastic. D) infinite.