Corporate taxes are a direct tax
a. True
b. False
Indicate whether the statement is true or false
True
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Why are the long-run effects of an increase in aggregate demand on price and output different from the short-run effects?
What will be an ideal response?
Figure 10-4
?
Figure 10-4 shows the industry’s supply and demand curves in panel (1) and the cost curves of a firm in the industry in panel (2). At S1, the firm is
A. preparing to shut down. B. incurring losses. C. earning zero economic profits. D. earning economic profit greater than zero.
Differentiate between personal income and disposable personal income
Refer to the accompanying figure, which shows the annual domestic supply and annual domestic demand for jeans in a small country.
Suppose this country is open to trade with the rest of the world, and the world price of a pair of jeans is $40. If the government imposes a quota on imported jeans of 12,000 pairs per year, then the new equilibrium price of jeans in this country will be:
A. $80 B. $60 C. $120 D. $100