When demand is price inelastic,
a. price and total revenue move in the same direction.
b. price and total revenue move in the opposite direction.
c. total revenue increases whether price goes up or down.
d. total revenue decreases whether price goes up or down.
A
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At the beginning of the year, Becky's wealth was $30,000. During the year, she earned $50,000 of income, paid $6,000 in taxes and consumed $43,000 of goods and services. What is Becky's wealth at the end of the year?
What will be an ideal response?
A credible policy designed to lower inflation is likely to push the economy into recession
a. True b. False Indicate whether the statement is true or false
A payroll tax with a 4.5 percent tax rate and exemption for income above $42,000 is
A. a progressive tax. B. an indirect tax. C. a regressive tax. D. a proportional tax.
It is difficult to privately produce a public good because such goods are ______.
a. nonrival and excludable b. rival and nonexcludable c. nonrival and nonexcludable d. rival and excludable