Economists estimate that an increase in tax rates by 8% will ________ work by ________.
A. increase; 1%
B. decrease; 15%
C. increase; 15%
D. decrease; 1%
Answer: D
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At the profit-maximizing level of output, the amount by which the firm can mark up price is:
A) inversely related to the price elasticity of demand for item in question. B) directly related to the price elasticity of demand for item in question. C) totally unrelated to the price elasticity of demand for item in question. D) equal to the ratio of the marginal and average costs of production.
Brokerage commissions:
A. are always a percentage of the amount of the trade. B. can differ reflecting the different services being offered. C. can vary but typically don't because firms tend to set them at the same levels. D. are set by government regulators so they cannot vary across firms for the same services.
If the elasticity of demand is 3, then a 10 percent increase in price will cause quantity demanded to fall by 3 percent.
Answer the following statement true (T) or false (F)
The second-largest cash transfer program(s) in the United States, smaller than only the Social Security system, is(are) the
A. Supplemental Nutrition Assistance (SNAP) program. B. Medicare and Medicaid programs. C. unemployment insurance program. D. Temporary Assistance to Needy Families (TANF) program.