As a result of the tax, Swiss chocolate consumption declines by about _____ million boxes.
A. 1
B. 2
C. 4
D. 8
A. 1
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According to the Rybczynski theorem, if a country increases its endowment of capital and prices remain constant, then its output of both the capital and labor intensive goods will rise
Indicate whether the statement is true or false
An individual will never buy complete insurance if
a. he or she is risk averse. b. he or she is a risk taker. c. insurance premiums are fair. d. under any circumstances.
Most economists believe that price indices:
A. overstate inflation and understate growth in nominal GDP. B. overstate inflation and understate growth in real GDP. C. understate inflation and understate growth in nominal GDP. D. understate inflation and understate growth in real GDP.
In the medium run, a tax increase that causes a reduction in the budget deficit will
A) affect only the price level. B) not affect the price level but will alter the composition of output. C) not affect the level of output, but will affect the composition of output. D) affect both the level and composition of output.