In the above figure, what is the TOTAL cost of producing 5 units of output?
A. $60
B. $100
C. $2,000
D. $225
E. $10
Answer: B
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A decrease in taxes will have no effect on real GDP if
A) the tax decrease is offset by an increase in government spending. B) people look at changes in taxes only in the present. C) the Ricardian equivalence theorem holds. D) there is no crowding out.
A good that delivers a high level of satisfaction to consumers is said to have a high level of ______.
a. equilibrium b. bounded rationality c. substitution d. utility
A bumper crop of wheat could be bad news to farmers if the price elasticity of demand for wheat is greater than one.
Answer the following statement true (T) or false (F)
Assume that production from an electric utility caused acid rain and that the government imposed a tax on the utility equal to the cost of the acid rain. This is an example of
A) a transactions cost. B) a Pigovian tax. C) a Pigovian subsidy. D) the Coase Theorem.