Use the following graph for a competitive market to answer the question below.
Assume the government imposes a $2.25 tax on suppliers, which results in a shift of the supply curve from S1 to S2. The government's tax revenue is
A. $1,050.
B. $900.
C. $375.
D. $675.
Answer: D
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In the above figure, point B depicts
A) an inflationary gap with real GDP in excess of potential GDP. B) an inflationary gap with real GDP less than potential GDP. C) a recessionary gap with real GDP in excess of potential GDP. D) a recessionary gap with real GDP less than potential GDP.
If firms adopt a strategy that triggers a permanent punishment, the result in an indefinitely repeated game is
A) undefined. B) the noncooperative Nash equilibrium. C) the collusive Nash equilibrium. D) economically inefficient.
The AFL was headed by ___________ from 1886 until 1924.
Fill in the blank(s) with the appropriate word(s).
In hindsight, mortgage-backed securities implied very limited risk because the underlying mortgages were spread across different geographic areas.
Answer the following statement true (T) or false (F)