If the government wants to raise tax revenue and shift most of the tax burden to the sellers, it would impose a tax on a good with a:
a. steep (inelastic) demand curve and steep (inelastic) demand curve.
b. steep (inelastic) demand curve and a flat (elastic) supply curve.
c. flat (elastic) demand curve and a steep (inelastic) supply curve.
d. flat (elastic) demand curve and a flat (elastic) supply curve.
c
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Which of the following statements is NOT true about money?
A) Money can only be coins and paper. B) Anything that serves as a medium of exchange, as a unit of accounting, as a store of value, and as a standard of deferred payment can be called money. C) Money is any medium that is universally accepted by sellers and creditors. D) Money is a standard of deferred payment.
Why does the short-run aggregate supply curve shift to the left in the long run, following an increase in aggregate demand?
A) Workers and firms adjust their expectations of wages and prices upward and they push for higher wages and prices. B) Workers and firms adjust their expectations of wages and prices upward and they accept lower wages and prices. C) Workers and firms adjust their expectations of wages and prices downward and they push for higher wages and prices. D) Workers and firms adjust their expectations of wages and prices downward and they accept lower wages and prices.
In an unfettered free market, price is ____ predictor(s) of an event
A) the best B) only of many C) not a very useful D) a marginal
According to the consumption function, when income rises, ___________________.
Fill in the blank(s) with the appropriate word(s).