Suppose a retail store was offering 10 percent off list prices on all goods. The benefit of the 10 percent savings is:
A. positively related to the list price of the good.
B. negatively related to the list price of the good.
C. zero since costs and benefits shouldn't be measured proportionally.
D. unrelated to the list price of the good.
Answer: A
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A. more; more B. less; less C. more; less D. less; more
A tax system with little deadweight loss and a small administrative burden would be described as
a. equitable. b. communistic. c. capitalistic. d. efficient.
A vertical demand curve results in
A) no change in quantity when the supply curve shifts. B) no change in price when the supply curve shifts. C) no change in the supply curve being possible. D) no change in quantity when the demand curve shifts.
Money solves the dilemma of a double coincidence of wants by serving as a
A) unit of account. B) medium of exchange. C) symbol of value. D) store of value.