In economics, "demand" refers to
A) what people need instead of want without paying for it.
B) the minimum amount of a good people need to survive.
C) the satisfaction a good will provide a person.
D) how much of a good people will buy at any price during a given time period.
Answer: D
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Which of the following statements is TRUE about taxes?
A) Taxes always create more deadweight loss than do price ceilings and price floors. B) Taxes decrease both consumer surplus and producer surplus while creating a deadweight loss. C) Government revenue from a tax is always greater than the loss of producer surplus and consumer surplus. D) Both answers A and C are correct.
New Keynesian explanations for sticky prices and wages include
a. menu costs. b. efficiency wages. c. insider-outsider distinctions. d. productivity shocks. e. all but d.