The demand curves for gold in New York and Zurich can both be represented by a line with negative slope, -b. When the price is zero the demand for gold is x ounces higher in New York than in Zurich
At the current price of gold the price elasticity of demand for gold in New York and Zurich is -3 and -4 respectively. The value of x equals A) a quarter of the current demand for gold in New York
B) a third of the current demand for gold in New York
C) a half of the current demand for gold in New York
D) three-quarters of the current demand for gold in New York
E) none of the above
A
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From the neoclassical view, physical capital per person refers to the amount and kind of:
a. machinery and equipment available to help people get work done. b. processes and money available to help people get work done. c. equipment and labor available to help people get work done. d. labor and equipment available to help people get work done.
If Linda' annual income is $160,000 and she pays $35,000 in taxes and Paul's annual income is $100,000 and he pays $25,000 in taxes, the tax system is
a. regressive. b. progressive. c. proportional. d. degressive.
When private ownership rights are well-defined and enforced, owners of physical assets and resources
a. have no incentive to consider the desires of others. b. incur the opportunity cost of ignoring the wishes of others. c. are not responsible if the use of their assets impose harm on others. d. have little incentive to take care of their assets.
Economists use the term ______ to refer to the ability to produce a good at a lower opportunity cost than another producer
Fill in the blank(s) with correct word