Refer to Figure 18-1. Area B + C + F + G represents
A) the portion of sales tax revenue borne by consumers.
B) the portion of sales tax revenue borne by producers.
C) the excess burden of the sales tax.
D) sales tax revenue collected by the government.
D
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In a closed economy without the government, income equals:
A) aggregate savings plus aggregate investment. B) aggregate consumption. C) aggregate savings. D) aggregate savings plus aggregate consumption.
Which of the following statements is correct?
A) An increase in people's expected future income shifts the aggregate demand curve leftward. B) A tax increase shifts the aggregate demand curve leftward. C) An increase in potential GDP shifts the aggregate demand curve rightward. D) An increase in exports shifts the aggregate demand curve leftward. E) The higher the price level, the larger is the quantity of real GDP demanded.
In order for the law of diminishing returns to be present, we must have:
a. at least one factor of production to be fixed. b. output decreasing as more laborers are hired. c. the price of labor increasing as more workers are hired. d. simultaneous changes in labor and capital. e. double the output when labor input is doubled.
Figure 33-5
?
The data illustrated in Figure 33-5 would be most representative of which of the following decades?
A. The 1960s B. The 1970s C. The 1980s D. The 1990s