Households in the Lowest Income 20%:
a. usually have the least one full-time, year round worker
b. usually remain in this Group for decades
c. both of the above
d. neither of the above
Answer: d. neither of the above
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Refer to the scenario above. What is the payoff to Firm A in equilibrium?
A) $2.4 million B) $2.6 million C) $5.2 million D) $3.0 million
Resources are efficiently allocated when production occurs at that point at which
a. marginal cost intersects average variable cost b. price is equal to average revenue c. price is equal to marginal cost d. marginal revenue equals marginal cost e. price is equal to average variable cost
Monetizing the debt has what effect on the economy?
a. slow increase in AS with steady inflation b. rapid increase in AD with an increase in inflation c. rapid increase in AS with a drop in inflation d. decrease in AD with an increase in inflation
How is elasticity related to the revenue from a sales tax?
A. If demand is inelastic, then raising tax rates will decrease tax revenue paid by consumers. This principle works similarly with supply. With elastic supply and demand, increasing taxes will increase quantity supplied and quantity demanded enough to cause an increase in tax revenue. B. If demand is inelastic, then raising tax rates will decrease tax revenue paid by consumers. The elasticity of supply has no effect on taxes because taxes only matter to consumers (who have to pay the taxes). C. If demand is inelastic, then raising tax rates will increase tax revenue paid by consumers. This principle works similarly with supply. With elastic supply and demand, increasing taxes will decrease quantity supplied and quantity demanded enough to cause a decrease in tax revenue. D. If demand is inelastic, then raising tax rates will increase tax revenue paid by consumers. The elasticity of supply has no effect on taxes because taxes only matter to consumers (who have to pay the taxes). References