What happens when the government imposes a unit excise tax on a good?
A) The amount of the tax is added to the current equilibrium price.
B) The demand for the newly taxed good decreases.
C) That good's supply curve shifts down by the amount of the tax.
D) The newly taxed good's supply curve shifts vertically upward by the amount of the per-unit tax being levied.
Answer: D
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Economists think that the best way to determine the value of a human life is to
a. evaluate the value of a person's expected earnings in the labor market. b. evaluate the risks people are willing to take and what they would have to be paid to take them. c. determine a person's accumulated wealth at the time of death. d. do nothing; human life is priceless.
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The U.S. dollar is backed by ____________.
Fill in the blank(s) with the appropriate word(s).