How does the imposition of an excise tax on a good affect its market equilibrium?

A) Equilibrium quantity decreases, and equilibrium price decreases.
B) Equilibrium quantity decreases, and equilibrium price increases.
C) Equilibrium quantity increases, and equilibrium price decreases.
D) Equilibrium quantity increases, and equilibrium price increases


B

Economics

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Adam Smith's notion of the invisible hand served as the foundation of

a. mercantilist thought. b. the philosophy of protectionism. c. the liberal economic thought of the nineteenth century d. the neo-Marxian tradition. e. none of the above.

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When you calculate GDP you need

A. the prices of goods & services B. the amount of goods & services produced C. both the prices and quantities of produced goods & services D. none of the above

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Which broad field of economics would most likely study how consumers respond to a hike in cigarette taxes?

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Economics