Any factor that shifts the demand curve to the left but does not affect the supply curve will lower the equilibrium price and raise the equilibrium quantity.
Answer the following statement true (T) or false (F)
False
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The two taxes that together provide the U.S. federal government with almost 80 percent of its revenue are
a. individual income taxes and property taxes. b. individual income taxes and corporate income taxes. c. individual income taxes and payroll taxes. d. sales taxes and payroll taxes.
When the interest rate falls, the:
a. Total amount of money demanded decreases b. Total amount of money demanded increases c. Asset demand for money decreases d. Transactions demand for money increases
At the profit-maximizing level of production, a perfectly competitive industry will produce an _____ level of production, and a monopolist produces an _____ level of production.
a. efficient; inefficient b. inefficient; efficient c. inefficient; inefficient d. efficient; efficient
A person has a comparative advantage in an activity whenever she
A. can perform the activity at a lower opportunity cost than another person can. B. can do the activity in less time than anyone else. C. has an absolute advantage in the activity. D. can do everything better than anyone else.