If Toby buys two goods and the prices of both goods increase by 50%
A) the budget constraint will be unchanged.
B) the slope of the budget constraint stay the same.
C) the slope of the budget constraint will decrease.
D) the budget constraint will shift outward in a parallel fashion.
B
Economics
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Recent estimates put the size of the underground economy in the United States at ________ of measured GDP
A) 2 percent B) 8 percent C) 13 percent D) over 50 percent
Economics
If a tax is imposed on a market with inelastic supply and elastic demand, then
a. buyers will bear most of the burden of the tax. b. sellers will bear most of the burden of the tax. c. the burden of the tax will be shared equally between buyers and sellers. d. it is impossible to determine how the burden of the tax will be shared.
Economics