Inaccurate prediction generally invalidates the use of theory in economics
a. True
b. False
Indicate whether the statement is true or false
False
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The graph shown demonstrates a tax on sellers. Which of the following can be said about the effect of this tax?
A. The price paid by buyers is greater than that received by sellers, and the difference is the tax wedge.
B. The price paid by buyers is less than that received by sellers, and the difference is the total tax revenue.
C. The price paid by buyers is greater than that received by sellers, and the difference is the total tax revenue.
D. The price paid by buyers and received by sellers is higher than it was before the tax was imposed.
The equation illustrating leakages equal injections in an economy would be:
a. I + S + NT = G + S b. G + S = C + I + X c. S + NT + M = I + G + X d. I + G + X = Rent + Wages + Profits + Interest
A table which shows the quantities of a particular good or service that producers are willing to sell (supply) at various prices is known as a supply:
A. schedule. B. graph. C. curve. D. figure.
Give three examples of why new markets are created every day.
What will be an ideal response?