The share of GDP taken by taxes has increased dramatically since the 1960s
a. True
b. False
Indicate whether the statement is true or false
False
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Answer the next question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in millions of dollars for each firm. Firm A? High PriceLow PriceFirm BHigh priceA = $250A = $325??B = $250B = $200?Low priceA = $200A = $175??B = $325B = $175If firm A adopts the high-price strategy, then firm B would adopt the
A. low-price strategy and earn $175. B. low-price strategy and earn $325. C. high-price strategy and earn $250. D. high-price strategy and earn $200.
Use the following graph, where Sd and Dd are the domestic supply and demand for a product and Pc is the world price of that product, to answer the next question.
Sd + Q is the product supply curve after an import quota is imposed. A quota of y?w will result in a decrease of consumer surplus equal to area(s)
A. E. B. E + F + G + H + J. C. K. D. E + F +K.
The Fed can influence:
A. the budget of the federal government. B. the household savings rate. C. U.S. tax rates. D. the U.S. money supply.
When the price of fresh fish increases 10%, quantity demanded decreases 5%. The price elasticity of demand for fresh fish is ________ and total revenue from fresh fish sales will ________.
A. inelastic; decrease B. inelastic; increase C. elastic; decrease D. elastic; increase