The optimal amount of studying for the next exam is determined by comparing
a. total benefit and the total cost of studying.
b. marginal benefit and the total cost of studying.
c. marginal benefit and the marginal cost of studying.
d. total benefit and the total cost of studying.
c
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In effect, tariffs on imports are
A. subsidies for foreign producers. B. subsidies for domestic producers. C. subsidies for domestic consumers. D. special taxes on domestic producers.
If prices have increased since the base period, then
A) real GDP is larger than nominal GDP. B) real GDP can no longer be compared to nominal GDP. C) real GDP is equal to nominal GDP. D) real GDP is smaller than nominal GDP. E) there is no way to adjust nominal GDP so that it equals real GDP.
The burden of a tax is mainly borne by the buyer if:
a. the supply of the good is perfectly price elastic. b. the supply of the good is relatively price elastic. c. the demand for the good is relatively price elastic. d. the demand for the good is relatively price inelastic. e. the demand for the good is perfectly price elastic.
Suppose a new Concordia University graduate will have an annual nominal income of $35,000 for the first year she works. If the annual inflation rate is 10 percent, what salary would she need in the second year to maintain the same real income?
a. $35,000 b. $40,000 c. 31,500 d. 38,500