Figure 4-5
represents the market for gasoline before and after a per-gallon tax. What does the triangular area ABC represent?
a.
the amount of revenue raised due to imposing the tax
b.
the loss in consumer surplus due to imposing the tax
c.
the loss in producer surplus due to imposing the tax
d.
the deadweight loss (or excess burden) caused by the tax
d
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The circular flow model shows that goods and services flow from
A) businesses to households. B) households to business. C) the factor market to businesses. D) the goods market to businesses. E) the factor markets to the goods markets.
Describe the history and consequent deepening as the European Union developed
Which treaties created which level of economic integration? Do countries have the ability to participate in some levels of integration and not others? Give specific examples.
Utility is characterized as:
a. Subjective b. Objective c. Constant d. None of the above characterize utility
Refer to the information provided in Table 20.6 below to answer the question(s) that follow.
Table 20.6
Refer to Table 20.6. Trade will flow in both directions between countries only if the price of the euro is between
A. $.60 and $.75. B. $1.00 and $2.25. C. $.44 and $1.00. D. $.40 and $.50.