The process of supply and demand
A) guarantees shortages or surpluses will never exist.
B) guarantees the greatest amount of social happiness.
C) ensures that people will be able to obtain all that they need.
D) generates useful information regarding the relative scarcities of goods and services.
E) accomplishes all of the above.
D
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Refer to Table 20.1. George is a single taxpayer with an income of $65,000. If George had received a raise of $3,500 at the beginning of the year, his marginal tax rate would be
A) 22.99%. B) 23.75%. C) 38%. D) 95%.
If the price of a product increases by 5 percent and the quantity demanded decreases by 5 percent, then the elasticity of demand is
A) 0. B) 1. C) indeterminate. D) 5. E) 25.
The base year for a price index is the year_____
a. in which prices were lowest b. in which prices were highest c. in which real output was the largest d. in which prices were stable e. that serves as a reference point
Most checkable deposits are insured up to $250,000 by
A. state banking commissions. B. the Federal Reserve Board. C. the U.S. Department of the Treasury. D. the Federal Deposit Insurance Corporation.