When there is unplanned inventory investment, aggregate planned expenditure is __________ real GDP and actual investment is __________ planned investment
a) greater than; greater than
b) greater than; less than
c) less than; greater than
d) less than; less than
c) less than; greater than
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A complete accounting of the costs of the tax system would not include _____
a. compliance costs b. legislative costs c. administrative costs d. political costs
Under which of the following conditions could the monopoly price be less than the price that would result in perfect competition? When there are
a. diminishing marginal returns b. substantial economies of scale c. higher unit costs d. increasing costs e. constant returns to scale
Workers, rather than firms, bear most of the burden of the payroll tax
a. True b. False Indicate whether the statement is true or false
Which of the following is likely to have the most price inelastic demand?
a. white chocolate chip with macadamia nut cookies b. Mrs. Field's chocolate chip cookies c. milk chocolate chip cookies d. cookies