Refer to Figure 4-15. How much of the tax is paid by buyers?
A) $2 B) $5 C) $7 D) $12
B
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
If Y = A × N × (75 + K/N), where K = 1000, N = 20, and A = 10, what happens if K doubles and N doubles?
A) Y is unchanged. B) Y increases by 50%. C) Y doubles. D) Y quadruples.
About one out of every _________ Hispanics is poor.
Fill in the blank(s) with the appropriate word(s).
A process through which a firm seeks to obtain earnings without contributing to production, thus wasting valuable resources, is known as
A. moral hazard. B. rent seeking. C. detrimental externality. D. a defective telescopic faculty.