Each point on the demand curve indicates
a. the demand for the product.
b. the quantity demanded at that price.
c. the amount that people need.
d. the amount people want to buy at different income levels.
B
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Suppose the demand curve for a product is horizontal and the supply curve is upward sloping. If a per-unit tax is imposed in the market for this product
A) buyers bear the entire burden of the tax. B) the tax burden will be shared by buyers and sellers. C) the tax burden will be shared among the government, buyers, and sellers. D) sellers bear the entire burden of the tax.
Classical economists or modern day monetarists would suggest that the Fed should
a. always lower the discount rate in order to combat recessions b. increase the reserve requirement in order to reduce the threat of inflation c. set the rate of increase in the money supply to be approximately equal to the economy's long-run full-employment rate of growth d. set the rate of increase in the money supply to be approximately equal to the discount rate e. use its tools, such as raising the discount rate, increasing the reserve requirement,and selling securities, in order to bring inflation down to 0 percent