An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve
A. up by less than $1.00.
B. down by $1.00.
C. up by $1.00.
D. down by more than $1.00.
Answer: C
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The formula for the government spending multiplier is
A) (1 + b) / (1 - b). B) -b / (1 - b). C) 1 / (1 - b). D) b / (1 - b).
Among the people who are characterized below, who has the highest opportunity cost of leisure?
a. a veterinarian who earns $25 per hour and who goes surfing during her leisure time b. a professional tennis player who earns $50 per hour giving tennis lessons and who watches TV during his leisure time c. a retail clerk who earns $15 per hour and who plays computer games during his leisure time d. a CPA who earns $150 per hour and who golfs during her leisure time
Demand for a given good is elastic, which means that the percentage change in __________ is greater than the percentage change in __________.
Fill in the blank(s) with correct word.
What is the significance of the slope on a two-product budget line? What effect does a change in income have on the slope? A change in product price?
Please provide the best answer for the statement.