The data in the table above give two points on the demand curve for pizza. Using the midpoint method, when the price of a pizza falls from $10 to $9, what is the percentage change in price?
A) 8.2 percent
B) 15.5 percent
C) 10.5 percent
D) 5.0 percent
E) 1.0 percent
C
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An income tax to pay for national defense can approximate a _____ if there is a close relationship between income and _____
a. user charge; wealth b. unit tax; wealth c. user charge; consumption d. sales tax; consumption
One part of the supply-side argument is that
A) lower marginal tax rates are required to induce Congress to reduce government spending. B) lower marginal tax rates can increase total tax revenues. C) the marginal tax rate should be set at 50 percent. D) the relevant aggregate supply curve is close to horizontal.
Cashing out capital gains in Virtual Currency System #3 (i.e., turning virtual capital gains into real world currencies) causes the nation's:
a. Monetary base to fall. b. M2 money supply to fall. c. M2 money multiplier to fall. d. Monetary base to remain the same.
How did Apple overcome consumers' diminishing marginal utility for iPads?
A. Apple lowered the price of iPads so that previous buyers would purchase another unit. B. Apple introduced new features to entice previous buyers to purchase new models. C. Apple ignored the problem and focused solely on attracting new buyers. D. Apple was unable to overcome the problem and has faced steadily declining sales.