The burden of a tax is
a. the amount of revenue that the government raises from the tax.
b. what it would cost in alternative tax revenue to provide the same level of service.
c. greater as the total revenue from the tax decreases.
d. the amount the taxpayer would have to be given to be just as well off in the presence of the tax as in its absence.
d
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The market clearing price refers to the:
A. price where quantity demanded and quantity supplied are the same. B. equilibrium price that quantity supplied is the highest possible. C. maximum price where all suppliers are willing to sell all their production. D. minimum price at which items could be sold.
In the late 1970s into the early 1980s, interest rates were high and very volatile. During this period:
A. money demand as well as velocity should have also been shifting and volatile. B. the Fed was actually targeting the short-term interest rate. C. the velocity of money should have been stable. D. it should have been easy for the Fed to predict the velocity of money.
Which of the following is not a type of labor law in the United States?
A. Maximum wage laws B. Overtime pay laws C. Worker safety and health laws D. Child labor laws
A monopolistically competitive firm is producing at an output level in the short run where average total cost is $4.50, price is $4, marginal revenue is $2.50, and marginal cost is $2.50. This firm is operating
A. with a loss. B. at the break-even point. C. with positive profits. D. at a nonoptimal level of output.