In the above figure, the vertical distance between the ATC and AVC curves is
A) the marginal cost.
B) the total cost.
C) the average fixed costs.
D) None of the above answers is correct.
C
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The share of the burden of an emissions tax on output borne by the consumer of the polluting output will rise as
a. the tax rises. b. demand elasticity falls. c. demand elasticity rises. d. the tax falls.
The measure of the money supply M1 includes all of the following except
A. Currency in circulation. B. Balances in transactions accounts. C. Travelers checks. D. Balances in savings accounts.
Monetarists believe that an increase in the money supply shifts the aggregate
A. Supply curve to the right. B. Supply curve to the left. C. Demand curve to the right. D. Demand curve to the left.
Answer the following statement true (T) or false (F)
1) Sales taxes on consumer goods are regressive because poor people consume a larger proportion of their incomes than do rich people. 2) A highly progressive tax takes relatively more from the rich than it does from the poor. 3) Given supply, the more inelastic the demand for a product, the larger the portion of an excise tax that is shifted to consumers. 4) Given demand, the more inelastic the supply of a product, the larger the portion of an excise tax that is borne by producers.