All Senators Run for Re-Election at the Same Time

question 11

True/False

All Senators run for re-election at the same time.

---

Definitions:

Normal Goods

Goods for which demand increases as the income of consumers increases, and vice versa, holding all other factors constant.

Laffer Effect

Refers to the economic theory proposing that there is an optimal tax rate that maximizes government revenue without hindering economic growth.

Labor Supply Curve

A graphical representation of the relationship between the quantity of labor supplied and the wage rate in an economy.

Elasticity of Demand

A measure of how much the quantity demanded of a good responds to a change in the price of that good, calculated as the percentage change in quantity demanded divided by the percentage change in price.