What do economists mean when they use the phrase "excess burden" as it relates to taxes?
What will be an ideal response?
Excess burden is the amount by which the burden of a tax exceeds the total revenue collected. It is also referred to as a dead weight loss.
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Elijah has just eaten his second popsicle. Using the concept of marginal utility, we can say:
A. the utility he will gain from his third will reduce his total utility. B. the utility he will gain from his third will not reduce his total utility. C. the utility he will gain from his third will be less than that of his second but will increase his total utility. D. the utility he will gain from his third will be less than that of his second and may reduce his total utility.
Which of the following institutions is responsible for check processing?
a. U.S. Department of the Treasury b. Comptroller of the Currency c. Federal Reserve d. Federal Deposit Insurance Corporation
What a buyer pays for a unit of a specific good or service is called:
a. debit. b. MSRP. c. cost. d. price.
Economists refer to the relationship that a higher price leads to a lower quantity demanded as the _____________.
a. income gap b. market equilibrium c. law of demand d. price model