If T represents the size of the tax on a good and Q represents the quantity of the good that is sold, total tax revenue received by government can be expressed as
a. T/Q.
b. T+Q.
c. TxQ.
d. (TxQ)/Q.
c
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If the interest rate is below the equilibrium, which of the following occurs in this market?
a. excess supply b. excess quantity supplied c. excess demand d. excess quantity demanded
The coordination task of any economy that answers the question of how output shall be divided among consumers may best be described as
a. output selection. b. production planning. c. distribution. d. None of the above is correct.
During the last four decades, the share of health-care expenditures paid for by third parties (either the government or insurance companies)
a. has remained relatively constant. b. fell from approximately 60 percent in 1960 to 30 percent in 2007. c. increased from approximately 45 percent in 1960 to over 85 percent in 2007. d. declined during the 15 years following the passage of Medicare but has been increasing since 1980.
Rising interest rates can cause crowding out, but they are also the result of crowding out.
Answer the following statement true (T) or false (F)