Tax loopholes reduce the excess tax burden on individuals.
Answer the following statement true (T) or false (F)
False
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Which of the following reasons describes the fundamental barrier to entry for the monopoly in the figure?
A) monopoly resources B) government regulation C) the production process D) Both a and b are correct.
If an action creates more total benefits for gainers than total harm to losers,
a. that action would be a Pareto improvement. b. taking that action would improve efficiency c. the government should step in to take that action d. a side payment exists that would make the action a Pareto improvement e. any side payment would make the action inefficient
Suppose that Christine values a baseball hat at $20, and Mark values one at $18 . The pretax price of a baseball hat is $14 . The government imposes a $5 tax on baseball hats, which raises the price to $19 . What is the deadweight loss from the tax?
Refer to the information given. In the long run, a fall in the price level from 100 to 75 will:
Suppose the full employment level of real output (Q) for a hypothetical economy is $500, the
price level (P) initially is 100, and prices and wages are flexible both upward and downward.
Use the following short-run aggregate supply schedules to answer the question.
A. decrease real output from $500 to $440.
B. increase real output from $500 to $620.
C. change the aggregate supply schedule from (a) to (c) and produce an equilibrium level of
real output of $500.
D. change the aggregate supply schedule from (a) to (b) and produce an equilibrium level of
real output of $500.