When a tax is placed on sellers, the actual incidence:
A. falls solely on the seller.
B. falls solely on the buyer.
C. may be shared between the seller and buyer.
D. is higher because it is being placed on the seller.
C. may be shared between the seller and buyer.
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Inflation is a tax because as the government ________ the quantity of money, the price level ________, and the purchasing power of households' money ________
A) does not change; rises; increases B) increases; rises; increases C) decreases; falls; decreases D) increases; rises; decreases E) decreases; rises; decreases
Suppose a sole proprietorship is earning total revenues of $100,000 and is incurring explicit costs of $75,000. If the owner could work for another company for $30,000 a year, we would conclude that:
A) the firm is incurring an economic loss. B) implicit costs are $25,000. C) the total economic costs are $100,000. D) the individual is earning an economic profit of $25,000.
A professional baseball game is
a. rival and exclusive, and therefore is a public good b. rival and exclusive, and therefore is a private good c. exclusive, but since it is nonrival, it is a public good d. nonrival and nonexclusive, and therefore is a public good e. nonrival and nonexclusive, and therefore is a private good
During the recent? recession, many people were looking for jobs and companies were able to hire employees for a lower wage. This is an example of how the? ________ environment can affect business.
A. sociocultural B. technological C. global business D. domestic business E. Economic