A tax of $1 on sellers shifts the supply curve upward by exactly $1
a. True
b. False
Indicate whether the statement is true or false
True
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Mikki works five hours at a DVD store the night before her economics exam. She earns $75, but her exam score is 10 points lower than it would have been had she stayed home and studied. Her opportunity cost of working is the
a. five hours she worked b. $75 she earned c. 10 points she lost on her exam d. time she could have spent studying e. zero, because she made an economic choice from among her several possibilities
When actual output is less than potential output there is a(n):
A. budget surplus. B. recessionary gap. C. trade deficit. D. budget deficit.
The real rate of interest is the ______ rate of interest minus the anticipated inflations
Fill in the blank(s) with the appropriate word(s).
Heterogeneous inputs in a perfectly competitive market will cause the industry to face ________ costs because as the firm produces a larger quantity, it is forced to use ________ productive inputs.
A. increasing; less B. decreasing; less C. increasing; more D. decreasing; more