If the producers bear a larger portion of tax incidence than the buyers, which of the following must be true?
A. They are not as business savvy as the buyers.
B. Their supply curve must be more inelastic than the buyers demand curve.
C. They face a very inelastic demand.
D. Their supply curve must be more elastic than the buyers demand curve.
B. Their supply curve must be more inelastic than the buyers demand curve.
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Which of the following statements best describes Keynes’ viewpoint of individual markets?
a. He argued that individual markets for goods and services were appropriate and useful, regardless of the level of aggregate demand. b. He argued that individual markets for goods and services were appropriate and useful, but that sometimes that level of aggregate demand was just too low. c. He argued that individual markets for goods and services were appropriate and useful, but that sometimes that level of aggregate demand was just too high. d. He argued that individual markets for goods and services were appropriate and useful, but only when the level of aggregate demand was low.
Commandeering resources is less efficient than commandeering money
Indicate whether the statement is true or false
A direct relationship is expressed graphically as a:
a. positively sloped line or curve. b. negatively sloped line or curve. c. horizontal line. d. vertical line.
The law of demand says that the lower the price, the
a. greater is the quantity demanded b. greater is the demand for the good c. smaller is the demand for the good d. smaller is the quantity demanded e. larger is the supply of the good