Long-term changes in demand that make some goods obsolete (possibly due to technological advancement) are likely to have their greatest impact on
A. Seasonal unemployment.
B. Structural unemployment.
C. Cyclical unemployment.
D. Frictional unemployment.
Answer: B
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Early forms of colonial money included
a. wampum. b. tobacco. c. furs and hides. d. musket balls. e. All of the above.
If we wanted to prove that macaroni is an inferior good, we would test the __________ of macaroni and get a __________
a. cross-price elasticity; negative number b. income elasticity; number less than 1 c. income elasticity; positive number d. price elasticity of demand; number greater than negative 1 e. income elasticity; negative number
In 1980 the highest marginal tax rate was
A. 28 percent. B. 33 percent. C. 50 percent. D. 70 percent.
How much is induced consumption when disposable income is $4 trillion?
A. 0
B. $1 trillion
C. $2 trillion
D. $2.5 trillion