Consider a good whose own price elasticity of demand is -0.5 and price elasticity of supply is 1.5. The fraction of a specific tax that will be passed through to consumers is ________
A) 0
B) 0.25
C) 0.5
D) 0.75
E) 1
D
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In a market system, the major coordination tasks are carried out
A. with the approval of central planners. B. as part of the regular appropriation process of Congress. C. irregularly by the major corporations. D. automatically by the market mechanism.
The Federal Trade Commission Act declares that all of the following are illegal except which one?
A) deceptive acts or practices in or affecting commerce B) mergers C) unfair acts or practices in or affecting commerce D) unfair methods of competition in or affecting commerce
Which of the following would be most likely to improve the standard of living of the residents of a less-developed country?
a. The development of strong labor unions. b. A sharp increase in the legal minimum wage. c. An increase in expenditures on education and capital investment. d. Rapid growth rate of the money supply.
The set of all assets that are regularly used to directly purchase goods and services is called:
A. money. B. fungible goods. C. consumption income. D. disposable income.