A headline reads "Soccer is the new popular sport among youth." In a competitive market, this situation would lead to a(n):
a. Increase in the price of soccer shoes and decrease in quantity sold
b. Decrease in the price of soccer shoes and increase in quantity sold
c. Increase in the price of soccer shoes and quantity sold
d. Decrease in the price of soccer shoes and quantity sold
c. Increase in the price of soccer shoes and quantity sold
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At the midpoint of a straight-line demand curve, the price elasticity of demand is:
A. greater than one. B. zero. C. less than one. D. equal to one.
The sale and purchase of goods and services across national borders is known as _____.
a. entrepreneurship b. importing c. trade d. exporting e. angel investing.
According to the Law of Comparative Advantage,
A) production should be based on who can produce a product lowest opportunity cost. B) production should be based on who can produce more of a good. C) production should take into account strategic interests, such as national security. D) production should be for the people instead of for profit.
The idea behind a flat tax is to _____
a. cut taxes on high-income taxpayers b. to raise taxes on high-income taxpayers c. increase progressivity d. minimize the excess burden of the income tax