An argument in favor of free trade is that trade barriers force consumers to pay higher prices for protected products than they would otherwise pay.
Answer the following statement true (T) or false (F)
True
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Resources that flow through the circular flow model include all of the following except:
A. land. B. labor. C. capital. D. final goods.
If aggregate supply is vertical, what role does aggregate demand play in determining output? In determining the price level?
What will be an ideal response?
When a tax is imposed on a good or service, the
A) revenue gained by the government is the excess burden. B) deadweight loss that arises from a tax is the excess burden. C) share of the tax paid by the buyer is the excess burden. D) share of the tax paid by the seller is the excess burden. E) amount the government collects as tax revenue is the deadweight loss from the tax.
The price per unit times the total quantity sold is
A) average revenue. B) marginal revenue. C) total revenue. D) price revenue.