When the government places a tax on a product, the cost of the tax to buyers and sellers
a. is less than the revenue raised from the tax by the government.
b. is equal to the revenue raised from the tax by the government.
c. exceeds the revenue raised from the tax by the government.
d. Without additional information, such as the elasticity of demand for this product, it is impossible to compare the cost of a tax to buyers and sellers with tax revenue.
c
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The above table shows answers given by people interviewed in the Current Population Survey. Which person is cyclically unemployed?
A) A B) B C) C D) none of the people
For most firms, the costs of energy and raw materials will be total fixed costs
a. True b. False Indicate whether the statement is true or false
Suppose we were analyzing the pound per Swiss franc foreign exchange market. If Switzerland's central bank intervenes to raise the value of the Swiss franc, then:
a. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base falls. b. The supply of Swiss francs in the foreign exchange market rises, and Switzerland's monetary base rises. c. The supply of Swiss francs in the foreign exchange market rises, and Switzerland's monetary base falls. d. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base rises. e. The demand for Swiss francs in the foreign exchange market rises, and Switzerland's monetary base remains unchanged.
A family on a trip budgets $1,000 for meals and gasoline. If the price of a meal for the family is $50 and if gasoline costs $3.50 per gallon, then how many meals can the family buy if they buy 100 gallons of gasoline?
a. 13 b. 16 c. 19 d. 21