If the taxes by state and local governments were combined with the Federal tax system, the overall tax structure in the U.S. would best be characterized as:

All else constant, an increase in the number of buyers in the market for cell phone service would cause:

A) equilibrium price and quantity to increase. B) equilibrium price and quantity to decrease. C) equilibrium price to increase and equilibrium quantity to decrease. D) equilibrium price to decrease and equilibrium quantity to increase.

Which of the following is a long-term financial instrument?

A) a negotiable certificate of deposit B) a repurchase agreement C) a U.S. Treasury bond D) a U.S. Treasury bill