A tariff is a tax imposed on ________ good.
A. a luxury
B. an illegal
C. a domestic
D. an imported
Answer: D
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Refer to the Article Summary. If Netflix chose to use Shiller's pricing method
A) consumer surplus, producer surplus, and deadweight loss would all be equal. B) producer surplus would be zero. C) deadweight loss would be maximized. D) consumer surplus would be zero.
When a tax is levied on a good,
a. neither buyers nor sellers are made worse off. b. only sellers are made worse off. c. only buyers are made worse off. d. both buyers and sellers are made worse off.
According to the Phillips curve, policymakers could reduce both inflation and unemployment by
a. increasing the money supply. b. increasing government expenditures. c. raising taxes. d. None of the above is correct.
Assume that as a firm decreases its price its total revenue decreases. Which of the following is a possible value of its price elasticity of demand?
A. 0.4 B. 1 C. 1.4 D. 4