Sales taxes are routinely collected by
A) the merchants selling the good or services.
B) the Internal Revenue Service.
C) the Department of Commerce.
D) the Federal Trade Commission.
A
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Round Things, Inc.'s production process exhibits economies of scale. Currently its long-run average total cost is $1/unit. If Round Things doubles its use of all inputs, its new long-run average total cost will be
A. $1/unit. B. greater than $1/unit but less than $2/unit. C. greater than $2/unit. D. less than $1/unit.
Suppose the economy is in long-run equilibrium. In a short span of time, there is a large influx of skilled immigrants, a major new discovery of oil, and a major new technological advance in electricity production. In the short run, we would expect
a. the price level to rise and real GDP to fall. b. the price level to fall and real GDP to rise. c. the price level and real GDP both to stay the same. d. All of the above are possible.
The game in the figure shown is a version of:
A. the prisoner's dilemma. B. a sequential game. C. a repeated game. D. the first-mover advantage.