Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:
a. elastic. b. inelastic.
c. unitary elastic. d. infinitely elastic.
b
Economics
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A lump-sum tax:
A. charges the same amount to each taxpayer, regardless of economic behavior or circumstances. B. refers to annual, rather than quarterly tax payments throughout the year. C. is tied to spending habits, not income levels. D. is tied to income levels, not spending habits.
Economics
In a proportional tax system each individual would pay the same percentage of his or her income in taxes
a. True b. False Indicate whether the statement is true or false
Economics
What does the "double coincidence of wants" refer to?
Economics
All of the following concepts are related EXCEPT
A. Competition. B. Government planning and regulation. C. The invisible hand. D. The price mechanism.
Economics