Since 1960, total federal tax revenue as a share of total output was the highest in the year _____
a. 1965
b. 1970
c. 1998
d. 2003
c
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The figure above shows the market for a good with an external benefit. If the market is competitive and the government takes no action, the equilibrium quantity of ________ units is inefficient because ________
A) 8; marginal benefit exceeds marginal cost B) 8; marginal cost exceeds marginal benefit C) 10; marginal cost exceeds marginal benefit D) 10; marginal social benefit exceeds marginal benefit E) 10; marginal external benefit exceeds marginal social benefit
Intraindustry trade is characterized by what two features?
What will be an ideal response?
According to the law of supply, a rise in the price of a good or service almost always leads to an increase in the quantity supplied of that good or service, while a fall in price will decrease the quantity supplied
a. True b. False Indicate whether the statement is true or false
In a market characterized by monopoly, the market demand curve is
a. upward sloping. b. horizontal. c. downward sloping. d. vertical.