The demand schedule assumes that factors other than price:
A. remain the same.
B. remain separate in the table.
C. change as price changes.
D. must also be in the table.
Answer: A
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Which of the following is the best example of a "What?" question?
A) Should automobiles be produced using workers or robots? B) Should higher-income or lower-income people buy SUVs? C) Should we make faster microprocessors or pest-resistant corn? D) Should migrant workers or domestic workers be used to pick grapes? E) What should doctors be paid?
A decrease in aggregate demand causes a decrease in ________ only in the short run, but causes a decrease in ________ in both the short run and the long run
A) the price level; real GDP B) the price level; the price level C) real GDP; real GDP D) real GDP; the price level
Answer the following statements true (T) or false (F)
1. The tax base is the percentage at which the tax is levied. 2. A sales tax is sometimes said to be regressive because the rate at which it is assessed declines as more and more taxable items are purchased. 3. The sales tax is proportional with respect to the tax base of the amount of purchases. 4. Automobile license fees and gasoline taxes are based on the benefit-received theory of taxation. 5. An excise tax can be shifted relatively easily.
The supply curve of truck drivers is upward sloping and demand curve is downward sloping. A reduction in the price of hauling freight by truck relative to the price of hauling freight by rail will ____ the equilibrium wage of truck drivers and ____ the number of drivers employed
a. decrease; decrease b. decrease; increase c. increase; decrease d. increase; increase