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Author Question: If a consumer buys less gasoline because gas prices increased by 100 percent, even though all other ... (Read 79 times)

lb_gilbert

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on: Jun 29, 2018
If a consumer buys less gasoline because gas prices increased by 100 percent, even though all other prices have also increased by 100 percent, then
 
  A) the consumer is paying too close attention to changes in relative prices.
  B) wages and prices are too flexible.
  C) the consumer has been fooled by money illusion.
  D) inflation is not a problem in the economy.

Question 2

Jamal earns 160,000 per year and Josephina earns 80,000 per year. If Jamal pays 16,000 in income taxes and Josephina pays 5,000 in income taxes, the income tax system would be
 
  A) regressive.
  B) progressive.
  C) proportional.
  D) marginal.


lucas dlamini

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Reply #1 on: Jun 29, 2018
Answer to Question 1

C

Answer to Question 2

B


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