The financial burden entailed in the paying of a tax is known as the
a. incidence of the tax.
b. impact of the tax.
c. effect of the tax.
d. shift of the tax.
b. impact of the tax.
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If nominal GDP is $10,000 and real GDP is $8,000, then the GDP deflator is 125
a. True b. False Indicate whether the statement is true or false
The European Union is an example of regional integration.
a. true b. false
The Stolper-Samuelson theorem predicts that free trade between the United States, a capital-abundant country, and Mexico, a labor-abundant country, would ultimately result in
A. lower wages in both countries. B. lower wages in Mexico and higher wages in the United States. C. higher wages in Mexico and lower wages in the United States. D. higher wages in both countries.
The demand curve for the product of a monopolistically competitive firm slopes downward because
A) products are perceived by consumers as different. B) products are homogeneous. C) people only care about price when they buy a good. D) the firm's goal is to maximize profits.