The sum of the revenue collected by the tax and the excess burden created by the tax is the
A. gross revenue.
B. tax incidence.
C. deadweight loss.
D. total tax burden.
Answer: D
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If an advance in computer technology reduces the need for businesses to hire accountants, students majoring in accounting should expect
a. a lower rate of return on their human capital investment. b. an increase in their employment prospects. c. a higher wage rate than they were expecting when they selected their major. d. an increase in the demand for accountants.
The effects of a tariff are
A. reduced quantity supplied overall, reduced quantity supplied by domestic producers, and a lower price. B. reduced quantity supplied overall, decreased quantity supplied by domestic producers, and a lower price. C. reduced quantity supplied overall, increased quantity supplied by domestic producers, and a higher price. D. identical to the effects of a quota, except that the price of the good is higher.
A surplus exists when there is excess demand in a market.
Answer the following statement true (T) or false (F)
Individual investors who always want to hold gold are known as:
A) goldfinger B) golden boys C) gold bugs D) goldilocks