Which of the following factors influence the position of the long-run aggregate supply curve?
A) government spending
B) the supply of money
C) the level of full-employment output
D) taxes
C
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Refer to the Article Summary. The additional tax of $2 per pack of cigarettes being proposed by Senator Pan would have which of the following effects on the market for cigarettes in California?
A) Producer surplus will increase. B) Market efficiency will increase. C) Deadweight loss will decrease. D) Consumer surplus will decrease.
Distinguish between "a change in demand" and "a change in quantity demanded." What are the causes of each type of change and how do we illustrate them graphically?
What will be an ideal response?
Indirect business taxes have to be added to national income to get net domestic product because the
a. price of the good includes these taxes, which are not payments to any factor of production b. price of the good includes these taxes, which are payments to the government which is a factor of production c. price of the good excludes these taxes and therefore they have to be added to national income to get net domestic product d. price includes these taxes, which, although part of national income, are not accounted for e. national income includes all taxes that a firm pays to the factors of production
Under the VER of the 1980s, Japan's automakers received:
a. additional quota rents of about $2.2 billion. b. approximately 10% lower prices. c. censure by the WTO for failing to behave in a competitive manner. d. wage concessions from their U.S. employees to keep plants open in the United States.