In the long run, price elasticities of demand are usually ____
a. less than they are in the short run because people can adjust
b. the same as they are in the short run because tastes don't change
c. greater than they are in the short run because prices rise over time
d. less than they are in the short run because real prices fall over time
e. greater than they are in the short run because consumers have time to adjust
e
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The first antitrust law passed was the ________
A) Federal Trade Commission Act B) Sherman Act C) Clayton Act D) Robinson-Patman Amendment
When a $10 check written on the First National Bank of Chicago is deposited in an account at Citibank, then
A) the liabilities of the First National Bank increase by $10. B) the reserves of the First National Bank increase by $ 10. C) the liabilities of Citibank increase by $10. D) the assets of Citibank fall by $10.
Which of the following generalizations about the burden of an excise tax is correct?
a. The more inelastic the supply of a product, the larger the portion of an excise tax will be paid by buyers. b. The more inelastic the demand for a product, the larger the portion of an excise tax will be paid by buyers. c. The more elastic the supply of a product, the smaller the portion of an excise tax will be paid by buyers. d. The burden of an excise tax on a product is independent of the elasticity of the supply and demand for the product on which the tax is levied.
Gross domestic product is equal to the market value of all goods and services
a. exchanged during a period. b. produced domestically during a period. c. produced by the citizens of a nation during a period. d. produced domestically during a period minus the depreciation of productive assets.