The excess burden of a tax refers to the fact that
A) the benefits from a tax exceed the tax revenue.
B) the deadweight loss from a tax exceeds the remaining consumer surplus.
C) marginal cost is greater than marginal benefit after the tax.
D) a tax creates a deadweight loss.
E) taxes are split between buyers and sellers.
D
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In the real world
A) many firms charge different prices based on consumers' willingness to pay. B) all sellers charge one price set by the government. C) profitable sellers will set one price based on the average elasticity of demand of buyers. D) all sellers charge one price equal to the marginal cost of production.
A period during which GDP exceeds its potential level is best known as a(n)
a. expansion b. contraction c. boom d. recession e. depression
Which of the following is the price at which the trader is willing to sell foreign currency?
A) offer B) bid C) spread D) cross rate
In 2017, the Congressional Budget Office forecast that real GDP would grow at an average annual rate of ________ for the years 2017-2027
A) 0.4% B) 0.7% C) 1.5% D) 1.9%