Question

1. sales tax is a ______________ tax.
2. elasticity measures our responsiveness to price changes. life - saving medicine has ______________ demand because we would buy it regardless of how much it costs.
3. the law of supply states that as price increases, quantity supplied increases. however, sometimes this law does not apply. for example, even though the price of oranges may increase, the quantity supplied will not. the reason for this is that supply for oranges is ______________.

unit 3:
word bank: peak, trough, expansion, contraction, increase, increase, increase, increase, decrease, decrease, decrease, decrease, whole, inflation, buy, fiscal, inflation, money, spending, taxation, factor, product, congress, paycheck, labor, monetary, interest rates, government bonds, sell, business, gdp

1. macroeconomics is the study of the economy as a ____________. the president and __________ make __________ policy. the two tools of fiscal policy are __________ and government __________. if there is \too much money\ in the economy, __________ will occur. this means that prices are rising. in order to combat that, the president and congress will __________ taxes and __________ government spending. in a recession, the president and congress will __________ taxes and ____________ government spending (this is an expansionary fiscal policy).
2. the federal reserve controls the ____________ supply. __________ policy is controlled by the fed. the two tools of monetary policy are __________ and __________. in a recession, in order to increase the money supply, the fed will __________ interest rates and __________ government bonds. to combat inflation, the fed will __________ interest rates and ____________ government bonds.
3. ____________ is the total value of all goods and services produced in a country in a given year. the __________ cycle measures gdp. the highest point on the business cycle is the __________. the lowest point is the ____________. when the business

Explanation:

These questions are about economic concepts like sales tax types, elasticity, supply law exceptions, and macroeconomic policies (fiscal and monetary), GDP, and business cycles. The subfield of Business that applies is Economics, as these topics are core to economic theory and policy.

Answer:

The subfield is Economics (under Business discipline).