If a tax shifts the demand curve upward (or to the right), we can infer that the tax was levied on
a. buyers of the good.
b. sellers of the good.
c. both buyers and sellers of the good.
d. We cannot infer anything because the shift described is not consistent with a tax.
d
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For markets operating at quantities lower than the equilibrium quantity produced in an equivalent perfectly competitive market:
A. the outcome is efficient. B. total surplus is increased. C. consumer surplus is always increased. D. total surplus for society is reduced.
An increase in the marginal propensity to consume (MPC) leads to a decrease in the spending multiplier
a. True b. False Indicate whether the statement is true or false
In pure competition, price is determined where the industry:
A. average total cost equals total variable costs. B. total cost is greater than total revenue. C. demand and supply curves intersect. D. demand intersects the firm's marginal cost curve.
U.S. businesses are demanders of foreign currencies because they need them to:
A. Sell goods and services exported to foreign countries B. Pay for goods and services imported from foreign countries C. Receive interest payments from foreign governments D. Receive interest payments from foreign businesses