The benefit that government receives from a tax is measured by
a. deadweight loss.
b. consumer surplus.
c. tax incidence.
d. tax revenue.
d
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Inventory investment is
a. never positive. b. often negative. c. can be either negative or positive. d. always positive.
Two bottles of body wash sit side-by-side in a grocery store: Olay (a brand name) sells for $6.00, while Up and Up (not a brand name) sells for $3.00 . Even defenders of brand names would have to admit that
a. no rational consumer would spend twice as much for Olay as she would for Up and Up. b. the side-by-side presence of these two body washes conveys no useful information to consumers. c. Olay has no incentive to maintain the quality of its product just because of the Olay brand name. d. None of the above is correct.
The economic problem with Medicare financing is that
A) there is a built-in incentive to provide fewer services by doctors. B) there is a built-in incentive to travel to Canada to receive medical services. C) the cost of providing services is falling annually. D) there is a built-in incentive to consume more services.
In the market period, a steel manufacturer has a __________ productive capacity.
Fill in the blank(s) with the appropriate word(s).