Which of the following is NOT a condition that helps enforce a cartel agreement?
A) a small number of firms
B) nearly homogeneous products
C) easily observable prices
D) large variation in input prices
Answer: D
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Because a subsidy raises marginal benefit, it can be used to eliminate the deadweight loss from overproduction
Indicate whether the statement is true or false
In a perfectly competitive market, an increase in demand will lead to a long-run increase in the product's price:
A. every time. B. if the increase in demand for inputs drives up the price of inputs. C. if the good in question is a Giffen good. D. if and only if the increase in demand is temporary.
Which of the following statements is true?
a. The inclusion of intermediate goods and services into GDP calculations would underestimate our nation's production level. b. The expenditures approach sums the compensation of employees, rents, profits, net interest, and nonincome expenses for depreciation and indirect business taxes. c. Real GDP has been adjusted for changes in the general level of prices due to inflation. d. Real GDP equals nominal GDP multiplied by the GDP deflator.
This year, Emily earned $2,000 more than last year. As a result, she received $500 less in government transfers. Therefore, Emily's implicit marginal tax rate is
a. 15 percent. b. 25 percent. c. 40 percent. d. 75 percent.