The mayor of Workerville proposes a local payroll tax to fund a new water park for the city. The mayor proposes to collect half the tax from workers and half the tax from firms. Workers will bear
a. an equal share of the tax in comparison to firms.
b. a greater share of the tax in comparison to firms.
c. a smaller share of the tax in comparison to firms.
d. All of the above are possible.
d
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This table shows the demand and supply schedule of a good.
According to the table shown, the equilibrium in this market will occur at:
A. a price of $1.50 and a quantity of 62.
B. a price of $1.50 and a quantity of 31.
C. a price of $0.00 and a quantity of 75.
D. Cannot be determined without more information
The demand curve for a good is very unlikely to be perfectly vertical because
a. scarcity and limited income restrict the ability of consumers to afford goods as they become very expensive. b. as the price of a good rises to high enough levels, the incentive for other suppliers to invent new substitutes for the good increases. c. consumers generally do not care about the price of the goods they consume. d. both a and b are true.
The product of ____________________ and _________________ is equal to the total amount of spending in an economy
A) the money supply; the price level B) velocity; the price level C) the money supply; velocity D) velocity; the level of output
The principle that consumers experience diminishing additional satisfaction as they consume more of a good or service during a period of time
What will be an ideal response?