Government expenditures are larger than government outlays
a. True
b. False
B
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Suppose a new study highlights the health benefits of eating bacon. At the same time, suppose the cost of producing bacon falls. Given these changes, you should expect to see:
A. an increase in both the equilibrium price and quantity of bacon. B. an increase in the equilibrium price of bacon, but it's hard to say what will happen to the equilibrium quantity. C. an increase in the equilibrium quantity of bacon, but it's hard to say what will happen to the equilibrium price. D. a decrease in the equilibrium price of bacon, but it's hard to say what will happen to the equilibrium quantity.
Answer the following statement(s) true (T) or false (F)
1. When suppliers are not satisfied, they lower their prices to attract more demanders. 2. If the demand for a good is high, then there will be a shortage of that good. 3. The equilibrium price of a good will rise in response to either a rise in demand or a fall in supply. 4. When a sales tax of 50¢ per carton is imposed on cigarettes, the equilibrium price drops by precisely 50¢ per carton. 5. Suppliers of a commodity are better off whenever the legal incidence of a tax is shifted away from the suppliers to the demanders.
A perfectly competitive firm is producing 50 units of output and selling at the market price of $23. The firm's average total cost is $20. What is the firm's total cost?
A) $23 B) $150 C) $1,000 D) $1,150 E) $20
An example of a Pigovian tax would be a tax on:
A. income. B. cigarettes. C. corporate capital gains. D. All of these are examples.