Within the circular flow model, economists define households as
A) married or engaged couples.
B) families living in their own houses.
C) individuals or groups living together.
D) individuals or groups within the same legally defined family.
E) families with at least 2 children.
C
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What determines the proportion of a unit excise tax that will be passed on to consumers in the form of higher prices?
A) the nature of the projects funded by the tax B) the number of additional taxes that consumers have to pay C) the popularity of the tax D) the degree to which quantity demanded and supplied of the good respond to price changes
market supply schedule
What will be an ideal response?
Because of NAFTA, the U.S. shifts some of its imports from Japan to Mexico (a member of NAFTA). This is an example of
A. trade deflection. B. trade diversion. C. protectionism. D. rules of origin.
Refer to the diagram. At P 1 , this firm will produce:
A. 47 units and break even.
B. 47 units and realize an economic profit.
C. 66 units and earn only a normal profit.
D. 24 units and earn only a normal profit.