Tax incidence explains how taxes are shared between producers and consumers
a. True
b. False
Indicate whether the statement is true or false
True
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If the price of rubber (an input to the production of tires) increases:
A. the supply of tires will decrease. B. the demand for tires will decrease C. the demand for tires will increase. D. the supply of tires will increase.
If skilled labor is ___ unskilled labor, then an influx of unskilled immigrants could ____ the demand for skilled labor
a. a substitute for; raise b. a complement to; raise c. a complement to; lower d. a complement to; substitute.
If education produces positive externalities and the government does not intervene in the market, we would expect
a. the market equilibrium price to be higher than the efficient equilibrium price b. the market equilibrium quantity to be lower than the efficient equilibrium output level. c. the market equilibrium quantity to be higher than the efficient equilibrium output level. d. none of the above
What is the main function of leading indicators?
a. They provide information about the direction in which an economy might be moving in the short term future. b. They reveal important structural deficiencies in an economy and are therefore useful for predicting long-term economic growth potential. c. The index of leading indicators is the key measure of a nation's economic growth and development. d. They show how to correct economic recessions and/or hyperinflation. e. Leading indicators are exclusively used by central bankers to help them determine the monetary base.