The tax burden falls more heavily on the side of the market that is more inelastic
a. True
b. False
Indicate whether the statement is true or false
True
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In 2003, the per-capita income in China was roughly ________ of that in the U.S
A) one hundredth B) one eighth C) one half D) the same as E) one twentieth
The number of people living in urban areas fell after the Civil War and then increased as World War I approached
Indicate whether the statement is true or false
Keynesian and classical theories agree that:
a. AS is upward sloping in the short-run. b. AS is vertical in the long-run. c. sustained AD shocks can also shift AS in the long-run. d. all of the above.
A consumer is willing and able to buy 1,000 units of a good at $10, but the consumer's quantity demanded falls to zero if the price rises even a fraction of a cent. The consumer's demand curve is
A) horizontal and is perfectly inelastic. B) horizontal and is perfectly elastic. C) vertical and is perfectly elastic. D) downward sloping from higher prices down to $10 and then horizontal.