In pure competition, the demand for the product of a single firm is perfectly:
A. elastic because many other firms produce the same product.
B. inelastic because the firm produces a unique product.
C. inelastic because many other firms produce the same product.
D. elastic because the firm produces a unique product.
Answer: A
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A wealth tax can be justified because it
A. helps to correct certain (inevitable) problems that arise in the administration of an income tax. B. the higher an individual's wealth, the greater his or her ability to pay, other things - including income - being the same. C. reduces the concentration of wealth, which is desirable socially and politically. D. are payments for benefits that wealth holders receive from government. E. all of these answer options are correct.
Economic stagnation coupled with high inflation is commonly called:
A. stagflation. B. inflationary stagnation. C. stagnatory growth. D. inflagnation.