Taxes are costly to market participants because they
a. transfer resources from market participants to the government.
b. alter incentives.
c. distort market outcomes.
d. All of the above are correct.
d
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All recessions are due to external shocks
Answer the following statement(s) true (T) or false (F)
The figure above shows that the government revenue from the tariff is
A) $20 million per year. B) $30 million per year. C) $15 million per year. D) $55 million per year. E) zero.
How can we separate the cost of the electricity that generates the heat from a light bulb and the cost of the electricity that generates that same bulb's light?
A) By comparing the wattage of the bulb with the change in air temperature B) By distinguishing sunk costs from marginal costs C) By dividing the total cost in two D) We cannot do it in any defensible way.
Total physical product is the quantity of a firm’s output based upon a given input usage.
Answer the following statement true (T) or false (F)