Which of the following is part of an economic model?
A) assumptions B) norms
C) preferences of economic agents D) opinions
A
Economics
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If you were to face a marginal tax rate of 15 percent, how much would your tax bill increase when your income increased by $2,000?
A) $30 B) $300 C) $450 D) $600
Economics
If the demand for a good is perfectly inelastic, then:
a. the value of price elasticity of demand of the good is equal to 1. b. the value of price elasticity of demand of the good is equal to -1. c. the demand curve of the good is nonexistent. d. consumers are very responsive to a change in the price of the good. e. quantity demanded does not change when price of the good changes.
Economics