In the above figure, if the price is $2, then the total consumer surplus is
A) triangle abc.
B) triangle cef.
C) trapezoid adec.
D) trapezoid bdfc.
A
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When the leisure demand curve is relatively inelastic, the bulk of the burden of a wage tax falls on workers.
Answer the following statement true (T) or false (F)
The term "fiscal policy" refers to
a. the amount of physical output produced by firms b. the means by which government policy makes firms more productive c. the avenue by which government influences credit markets d. spending and taxing by governments e. a tool of government that works in the opposite direction of monetary policy
The U.S. government has more than 10,000 tariff classifications and more than half of them are subject to interpretation.
a. true b. false
If an increase in the price of good X results in a decrease in the quantity of Y demanded,
A. good X and good Y are substitutes. B. good X and good Y are complements. C. the cross-price elasticity of demand for good Y is positive. D. There is not sufficient information to determine the relationship between good X and good Y.