The excess burden of a tax is $5,000 and the tax revenue from this tax is $20,000. The total burden of this tax is
A. $4,000.
B. $5,000.
C. $15,000.
D. $25,000.
Answer: D
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GDP is used in an attempt to
A) calculate the profitability of a country. B) measure the economic performance of a country. C) determine the overall well-being of a country. D) figure out the prices of all goods and services exchanged in the legal economy. E) guide entrepreneurs toward more profitable investment decisions.
The Keynesian-cross model suggests that increased saving increases the economy's output
a. True b. False Indicate whether the statement is true or false
The absolute price of a good in dollar terms is the good's:
A. nominal price. B. equilibrium price. C. marginal price. D. market price.
The marginal revenue product of labor is the:
A. change in labor necessary to produce an additional unit of output. B. cost of additional labor necessary to produce an additional unit of output. C. change in output resulting from adding an additional unit of labor. D. change in revenue resulting from adding an additional unit of labor.