The sum of the value added of every firm involved in producing all final goods and services ________ gross domestic product
A) is sometimes greater than and other times less than
B) equals
C) is greater than
D) is less than
B
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A tax of 20 percent per unit of imported garlic is an example of a(n)
A) specific tariff. B) ad valorem tariff. C) nominal tariff. D) effective protection tariff. E) a disadvantageous tariff
Economies of scale exist whenever long-run average costs:
a. Increase as output is increased b. Remain constant as output is increased c. Decrease as output is increased d. Decline and then rise as output is increased e. None of the above
If all large firms in the economy were broken into smaller firms, the result might be
a. decreased manufacturing efficiency in some industries. b. increased prices for some manufactured goods. c. decreased investment in research and development in some industries. d. All of the above are correct.
What is the flypaper theory of tax incidence? This theory is typically wrong. Why?