The loss in total surplus resulting from a tax is called
a. a deficit.
b. economic loss.
c. deadweight loss.
d. inefficiency.
c
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Structural unemployment is:
A. a mismatch between the skills workers can offer and the skills that are in demand. B. unemployment caused by workers who are changing their location, job, or career. C. the effect of wages remaining persistently above the market-clearing level. D. when workers voluntarily quit their jobs.
If demand is elastic, an increase in price will decrease total revenue
a. True b. False Indicate whether the statement is true or false
One of the major drawbacks of crowding out is that it: a. decreases the rates of interest in the economy
b. increases the rates of interest in the economy. c. decreases the short-run growth rate of the economy. d. prohibits foreign investments in an economy.
The book that is the basis for modern macroeconomic theory is
A. The Wealth of Nations. B. Principles of Political Economy. C. The General History of Money and Banking. D. The General Theory of Employment, Interest, and Money.