Headquartered in Washington, D.C., the Board of Governors of the Federal Reserve determines monetary policies and strategies based on the state of the economy.
Answer the following statement true (T) or false (F)
True
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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.
Refer to the graph shown. If the economy is at point D, which of the following policies is most appropriate to bring the economy to potential?
A. Increase in taxes B. Cut in government spending C. Cut in taxes D. No change in taxes or government spending
Using supply and demand curve analysis, the triangular area below the equilibrium price and above the supply curve is:
A. ?consumer surplus. B. ?producer surplus. C. ? marginal cost. D. ?deadweight loss. ?
If the long-run supply curve of a purely competitive industry slopes upward, this implies that the prices of relevant resources:
A. will fall as the industry expands. B. are constant as the industry expands. C. rise as the industry contracts. D. rise as the industry expands.