A tax on buyers will shift the
a. demand curve upward by the amount of the tax.
b. demand curve downward by the amount of the tax.
c. supply curve upward by the amount of the tax.
d. supply curve downward by the amount of the tax.
b
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The effect time lag is the time period that elapses
A) between when an economic problem manifests itself and it is officially acknowledged. B) between the recognition of an economic problem and implementing policies to solve it. C) between implementing policies to solve an economic problem and when the results of that policy can be measured. D) between the beginning of the budgetary process and the final budget resolution.
Assuming a competitive world, does your country have an absolute advantage in making pizza? You can get your answer by
a. observing if your country makes more pizza than any other country b. calculating the costs of pizza ingredients in your country c. comparing pizza prices in other countries d. calculating the opportunity cost of a pizza in your country e. looking at your country's terms of trade
Refer to the information provided in Figure 5.2 below to answer the question(s) that follow.
?Figure 5.2Refer to Figure 5.2. If the price of a hamburger decreases from $10 to $6, the price elasticity of demand equals ________. Use the midpoint formula.
A. -0.5 B. -2.0 C. -20 D. -200
Most ________ is embodied in physical capital
A) human capital B) technological change C) labor productivity D) economic growth