According to the U.S. population surveys conducted by the census, since 1980 the total foreign-born population as a percentage of the total U.S. population:
a. has not changed.
b. has declined.
c. has risen.
d. has been stable.
e. has fallen to zero.
QUESTION 2If 12 candy bars are demanded at 0.30 each and 4 candy bars are demanded at 0.50 each, what is the elasticity of demand over the price range from 0.30 to 0.50?
a. 2
b. 1.67
c. 0.5
d. 7.5
e. 0.4
QUESTION 3Economists define the long run as any production time period lasting over one year.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4If the tax rate remains the same as the base increases, the income tax structure is said to be:
a. proportional.
b. lump-sum.
c. negatively skewed.
d. progressive.
e. regressive.
QUESTION 5Suppose the price of a product is reduced from 10 to 6 and the quantity demanded increases from 40 to 60 units. From this we can conclude that the price elasticity of demand over this price range is equal to _____.
a. 1.2
b. 1.25
c. 0.80
d. 0.20
e. 0.5
QUESTION 6The period of time that is too short for the firm to change the quantity of certain resources used in production, known as fixed inputs, is called the short run.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 7A regressive tax structure is one:
a. in which the tax rate increases as the base increases.
b. in which the tax rate remains the same as the base increases.
c. that tends to discourage additional work as income rises.
d. that is famous and in use in the U.S.
e. in which the tax rate increases as the base increases.
QUESTION 8Price elasticity of demand measured over a range of prices and quantities along the demand curve is _____.
a. point elasticity
b. arc elasticity
c. income elasticity
d. cross elasticity
e. price elasticity
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