If a state government reduces property taxes for residents at the same time that it increases the state income tax, what will happen to the expenditures schedule of the residents of this state?
A. It shifts upward.
B. It shifts downward.
C. It becomes less steep.
D. It becomes steeper.
E. It does not change.
Answer: D
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The elasticity of demand for Dell computers is probably
A) inelastic and smaller than the elasticity of demand for computers overall. B) elastic and smaller than the elasticity of demand for computers overall. C) inelastic but larger than the elasticity of demand for computers overall. D) elastic and larger than the elasticity of demand for computers overall.
In the figure above, the quantity of low-skilled labor employed is
A) 2,000 hours per day. B) 4,000 hours per day. C) 5,000 hours per day. D) 7,000 hours per day.
Of all financial intermediaries, which of the following holds the most assets?
A) hedge funds B) the federal government C) commercial banks D) corporations
If V were 8, P = 4, and M = 700, how much would Q be?
What will be an ideal response?