Refer to the table above. What is the equilibrium quantity of notebooks?
A) 4 units B) 10 units C) 20 units D) 12 units
D
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Which of the following is true?
a. Once the equilibrium price and output is reached, all the mutually beneficial trade opportunities between suppliers and demanders will have taken place, and the sum of consumer and producer surplus is maximized. b. The deadweight loss of a tax is the difference between the lost consumer and producer surplus and the tax revenue generated. c. Those goods that are heavily taxed often have a relatively inelastic demand curve in the short run, so that the burden falls mainly on the buyer, and the deadweight loss to society is smaller than if the demand curve was more elastic. d. All of the above are true.
A country's rate of real GDP growth is 3% per year. Its population is growing 4% per year. At what rate is its real GDP per capita changing?
A. Real GDP per capita is increasing by 0.75%. B. Real GDP per capita is increasing by 7%. C. Real GDP per capita is decreasing by 1.33%. D. Real GDP per capita is decreasing by 1%.
Clipping coins created inflation because:
A. it decreased the money supply. B. it decreased the stock of capital goods. C. it increased the stock of capital goods. D. it increased the money supply.
Beginning in 2013, a local government in Georgia is instituting a tax on owners of land at a flat rate of $100 per acre every year.
i. Explain who gains and loses from the tax. Specifically comment on what happens to the value of the land, who ends up bearing the burden of the tax. ii. If in 100 years the local government decides to repeal the tax, who will gain and who will lose as a result of the repeal? Explain.