Which of the following is included in GDP?
a. life expectancy
b. literacy
c. health
d. infant mortality
c. health
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Refer to Figure 4-11. Suppose the market is initially in equilibrium at price P1 and then the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax?
A) The consumer will bear a greater share of the tax burden if the demand curve is D2. B) The consumer will bear a greater share of the tax burden if the demand curve is D1. C) The consumer will bear the entire burden of the tax if the demand curve is D1 and the producer will bear the entire burden of the tax if the demand curve is D2. D) The consumer's share of the tax burden is the same whether the demand curve is D1 or D2.
Sumptuary taxes are often justified on the grounds that _____
a. bad activities should be discouraged b. the rich should pay more c. the poor should pay less d. merit goods need encouragement
Which of the following is a characteristic of a competitive price-taker market?
a. Profit maximizing firms in the market will expand output until price equals average variable cost. b. The market demand curve for the product is a horizontal line. c. There are many firms in the market, each producing a small share of total market output. d. The product produced by each of the firms is differentiated.
Which of the following topics is not a part of a typical scenario plan?
a. Informatics. b. Cash flows. c. Automation, miniaturization, robotics, and research. d. All the above are a part of a typical scenario plan. e. Aging populations.