A tax that distorts an economic decision always imposes an excess burden and decreases efficiency.
Answer the following statement true (T) or false (F)
False
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Consumers in a country buy only two goods, sneakers and manicures. The prices and quantities purchased by urban households are in the table above. The reference base year is 2011. The inflation rate between 2011 and 2012 is
A) $15. B) 15.0 percent. C) $10. D) 10.3 percent. E) 9.0 percent.
Which of these transactions results in an increase in M2?
A) certificate of deposit matures, adding $520 to your checking account B) withdrawal of $100 cash from your checking account C) depositing a bank loan of $400 into your savings account D) depositing a $300 paycheck into your savings account E) none of the above
A factor critical to economic growth is
A. increased saving rates. B. increases in human consumption. C. reduced dependence on imports. D. technological change that increases labor productivity.
Elasticity of supply looks at
A. How responsive producers are to a change in quantity demanded. B. The responsiveness of sellers to a change in consumer's incomes. C. How responsive sellers are to a change in price. D. How much quantity demanded changes with a change in price.