In the national income accounting identity Q = C + S + T, T stands for
A) taxes.
B) transfers.
C) taxes minus transfers.
D) taxes plus transfers.
C
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For the monopoly shown in the figure above, the profit maximizing output is
A) 4 units per day. B) 5 units per day. C) 6 units per day. D) 10 units per day.
The more elastic the supply of a product, the more the actual burden of a tax on the product will:
A. fall on sellers. B. fall on buyers. C. fall equally on both buyers and sellers. D. create a smaller deadweight loss (or excess burden).
The economy moves up a stationary aggregate demand curve when the Fed:
A. decreases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function. B. increases its target inflation rate, reflected by a downward shift in the Fed's policy reaction function. C. decreases its target inflation rate, reflected by an upward shift in the Fed's policy reaction function. D. increases real interest rates in response to inflation, but does not change its target inflation rate or the Fed's policy reaction function.
Under perfect competition all sellers sell a(n) ___________ product.
Fill in the blank(s) with the appropriate word(s).