Suppose an excise tax of $0.75 is imposed on every pack of cigarettes sold and sellers are responsible for paying this tax. How would the imposition of the tax be illustrated in a graph?
A) The supply curve for cigarettes would shift to the left by more than $0.75.
B) The supply curve for cigarettes would shift to the right by $0.75.
C) The supply curve for cigarettes would shift to the left by $0.75.
D) The supply curve for cigarettes would shift to the left by less than $0.75.
C
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Of the following, who would probably have the highest income?
a. a couple, both of whom have high school educations and work at WalMart b. a husband who has a high school degree and a middle-management job and his wife, who is a full-time mother c. a couple, both of whom have high school educations; he is a high school teacher and she is a librarian d. a husband who has a college degree and is a high school teacher and his wife, who has an MBA and works as a insurance company executive e. a couple, both of whom have college degrees and are high school teachers
When an economy experiences significant economic growth:
a. a negative relationship exists between output per capita and adult literacy rates. b. an indirect relationship exists between output per capita and adult literacy rates. c. a direct relationship exists between output per capita and adult literacy rates d. no observed relationship exists between output per capita and adult literacy rates.
Refer to the graph below.
Laura's production possibility curve for math and economics problems in one night is shown in the graph. Her opportunity cost of finishing six math problems instead of four math problems is:
A. one economics problem. B. three economics problems. C. four economics problems. D. two economics problems.
The free rider problem:
A. results because people act unselfishly. B. can never prevent pure public goods from being supplied. C. prevents voluntary cost sharing from achieving the efficient output of a public good. D. results because people behave irrationally.