Figure 4-20
Refer to . The burden of the tax on sellers is
a.
$1.00 per unit.
b.
$1.50 per unit.
c.
$2.00 per unit.
d.
$3.00 per unit.
a
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In a market where the government imposes a price control, the excess demand or excess supply created will be determined by
a. the imposed price and the slope of the demand curve b. the imposed price and the slope of the supply curve c. only the imposed price determines these things d. the difference between the imposed price and the equilibrium price e. the difference between quantity demanded and quantity supplied at the imposed price
The saying "Money is a veil.". means that
a. while nominal variables are the first thing we may observe about an economy, what's important are the real variables and the forces that determine them. b. money is the principal medium of exchange in most economies. c. the primary determinant of short-run economic fluctuations is not real variables, but rather changes in the money supply. d. in the long run money is of no importance to the determination of either real or nominal variables.
What is meant by saying that economics is an empirical science?
A) Economic theories will be tested by seeing how well they correspond to people's declared preferences. B) Economic theories cannot be tested because there is no means of measuring economic variables with adequate precision. C) Economic theories cannot be tested because economic variables change too quickly. D) Economic theories will be tested by seeing how well they correspond to real-world phenomena.
In the Keynesian model, planned investment is inversely related to
A) the interest rate. B) the level of income. C) the wage rate. D) the tax rate.