Which of the following is an example of a market demand curve?
a. A graph shows the sharp increase in the purchase of cell phones last year in France.
b. A graph shows how Li’s demand for tea decreases as the price increases.
c. A table shows the steady increase in the price of bananas over a five-year period in the United States.
d. A graph shows how the demand for HD TVs in Hawaii is affected by price changes.
d. A graph shows how the demand for HD TVs in Hawaii is affected by price changes.
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The Keynesian approach to economic policy is also known as: a. supply-side economics. b. Classical economics
c. demand-side economics. d. mercantilism. e. laissez-faire.
An unexpected change in nominal interest rate changes real interest rate by ____ in the short run
a. a smaller amount b. a larger amount c. the same amount d. an indeterminate percent
Substitution bias:
a. overstates the rise in a consumer’s true cost of living. b. understates the rise in a consumer’s true cost of living. c. overstates the decrease in a consumer’s true cost of living. d. understates the decrease in a consumer’s true cost of living.
In a progressive income tax system
A) the marginal tax rate exceeds the average tax rate. B) the average tax rate exceeds the marginal tax rate. C) high income earners pay a lower percentage of their income in taxes than do low income earners. D) the tax rate depends solely on how long an individual has been in the labor force.