In the United States, calculation of gross domestic product is conducted by the ________
A) Council of Economic Advisors B) Bureau of Economic Analysis
C) Census bureau D) Chief Financial Officer's Council
B
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Explain how an import quota might be more inefficient than an import tariff that has the same impact on prices.
What will be an ideal response?
The demand and the supply for a good are each neither perfectly elastic nor perfectly inelastic. If a sales tax on sellers of the good is imposed, the tax is paid by
A) only buyers. B) only sellers. C) both buyers and sellers. D) neither buyers nor sellers.
The flatter the slope of the supply curve the lower will be the price elasticity of supply
Indicate whether the statement is true or false
Dominant firms tend to lag in innovation because
A) of the sunk cost effect. B) entrepreneurs are found in smaller firms. C) they are usually focused on market share. D) all of these choices.