A tax that is imposed on an imported good is called a
A. government license.
B. quota.
C. tariff.
D. patent.
Answer: C
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What does macroeconomic theory predict as the main economic effect of a reduction in the budget deficit?
a. lower real interest rates b. a drop in the exchange rate c. an increase in net exports d. All of the above are correct.
A relative price shift occurs when
A. the inflation rate of a good or service is significantly higher or lower than the overall inflation rate. B. the inflation rate of a good or service matches the overall inflation rate. C. the inflation rate of a good or service remains unchanged. D. inflation exceeds the average revenue per capita.
Refer to Figure 23-1. According to the figure above, at what point is aggregate expenditure less than GDP?
A) J B) K C) L D) none of the above
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. Suppose that Firms A, B, and C are the only polluters in the state and that each emits 4 tons of pollution into the atmosphere. To cut the level of pollution in half the government issues two transferable pollution permits to each firm. What is the total cost to society of decreasing pollution to half its present level if firm C buys one pollution permit from firm A and one pollution permit from firm B?
A. $515 B. $1,300 C. $1,380 D. $965 E. $10,350