In the long run, the economy will be near full employment, and crowding out is the stronger force.
Answer the following statement true (T) or false (F)
True
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We ________ from consuming the benefits of a public good.
A. cannot exclude anyone B. can exclude some people C. can exclude everyone D. can only exclude the private sector
Refer to Table 4.2. A change in the price of calculators caused the change in quantity demanded shown in the table. The price elasticity of demand for calculators (calculated using the initial-value formula) is:
A. 25. B. 1.75. C. 0.75. D. 0.25.
A dedicated professor loves being in the classroom and would teach for $70,000 per year, but he is actually paid $80,000 per year. This individual
A) receives economic rent of $150,000. B) has an opportunity cost of $80,000. C) has an opportunity cost of $70,000. D) receives economic rent of $10,000.
The distributions of tax burdens among various groups in society is known as
A) a proportional tax. B) a progressive tax. C) a regressive tax. D) tax incidence.