Requiring cars in Chicago to reduce pollution by the same amount as cars in Topeka is efficient
a. True
b. False
Indicate whether the statement is true or false
False
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The excess burden of a tax is
a. the amount by which the price of a good increases. b. the loss of consumer and producer surplus that is not transferred elsewhere. c. The amount by which a person's after-tax income decreases as a result of the new tax. d. the welfare costs to firms forced to leave the market due to an inward shift of the demand curve.
When aggregate demand meets aggregate supply in the vertical portion of the aggregate supply curve,
A) an increase in demand will cause prices to rise but no change in output. B) an increase in demand will cause output to rise but no change in prices. C) an increase in demand will cause prices to fall but no change in output. D) an increase in demand will cause output to fall but no change in prices.
Measurements of TFP indicate that the East Asian success story is based on
A) a significantly different economic model from the one followed in the West. B) unusually large amounts of innovation. C) rapid increases in the education of the work force. D) high amounts of savings and investment. E) large current account surpluses.
Use the table below to answer the following question.OutputTotal Cost0$10120228338453573698The marginal cost of producing 3 units of output is
A. $28. B. $0. C. $10. D. $38.