If a rise in the price of good X causes the quantity demanded of good X to fall, then
a. the Engel curve for good X is downward sloping.
b. the (ordinary) demand curve for good X is downward sloping.
c. the demand for good X is elastic.
d. good X must be a Giffen good.
b. the (ordinary) demand curve for good X is downward sloping.
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The one organization that has the power to change the total amount of reserves in the banking system is the
A) Executive Branch of the Federal Government. B) U.S. Treasury. C) Federal Reserve System. D) Congress.
Which of the following questions is more likely to be studied by a microeconomist than a macroeconomist?
a. Why do prices in general rise by more in some countries than in others? b. Why do wages differ across industries? c. Why do national production and income increase in some periods and not in others? d. How rapidly is GDP currently increasing?
Recall the Application about intellectual property in GDP accounts to answer the following question(s).According to the Application, prior to 2013, firm expenditures on research and development and new artistic work were treated as ________ in our GDP accounts.
A. intermediate inputs B. investment C. net exports D. consumption
The U.S. Social Security tax is an example of a
A. proportional tax. B. regressive tax. C. premium tax. D. progressive tax.