The impact of an increase in the gasoline tax on SUV sales is
A) a macroeconomics topic because it deals with taxes.
B) a microeconomics topic because it deals with one industry.
C) not an economic issue, but rather a political issue.
D) insignificant.
B
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As prices change, the elasticity of supply describes the movement
A) of a shift in the supply curve. B) of the equilibrium price. C) along the supply curve. D) from a necessity to a luxury good.
When the social costs exceed the private costs, economists state that there is
A) a positive externality. B) an underproduction of output. C) a negative externality. D) social appreciation of resources.
Total cost includes:
A. only ongoing expenses, not one-time expenses. B. one-time expenses, but not ongoing expenses. C. only expenses that are variable. D. one-time expenses and ongoing expenses.
Exhibit 6-1 Refer to Exhibit 6-1. Prices rose by approximately __________ percent from Year 1 to Year 5.
a. 10.6 b. 9.6 c. 14.3 d. 4.5