The federal income tax began in the United States with the
A. Morrill Act of 1862.
B. addition of the Bill of Rights to the Constitution in 1791.
C. passage of the 16th Amendment to the Constitution in 1913.
D. New Deal legislation of the 1930s.
Answer: C
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Income elasticity of demand reflects
A) the change in total quantity demanded divided by the total change in income. B) the responsiveness of the quantity demanded to changes in income, adjusting its relative price so real income does not change. C) the responsiveness of income of producers to a change in quantity sold of the good. D) the responsiveness of demand to changes in income.
Unlike a perfectly competitive firm, a monopolist
a. can choose how much output to produce. b. cannot increase production without affecting the price she receives for her good. c. usually sells in a market with a downward-sloping demand curve. d. has an MR from increasing output by one unit equal to the price of his product.
Suppose a country experiences an increase in its capital stock. Which curve(s) in the aggregate demand and aggregate supply model would be affected, and which way would it (they) shift?
The salary of an athlete like Peyton Manning is in part a reward for his unique ability—something economists call a compensating differential.
Answer the following statement true (T) or false (F)