Gross Domestic Happiness Index compiled by Thailand, is based on polling results about living conditions, income, the environment, social welfare, and employment
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Refer to Figure 4-10. Suppose the market is initially in equilibrium at price P1 and now the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax? For demand curve D1
A) the producer bears the entire burden of the tax if the supply curve is S2 and the consumer bears the entire burden of the tax if the supply curve is S1. B) the producer bears a smaller share of the tax burden if the supply curve is S2. C) the producer's share of the tax burden is the same whether the supply curve is S1 or S2. D) the producer bears a smaller share of the tax burden if the supply curve is S1.
National income is the sum of
a. wages and profits. b. wages, interest, profits, and rent. c. interest and rent. d. wages, transfer payments, and tax revenues.
The sticky-wage theory of the short-run aggregate-supply curve says that when the price level is higher than expected,
a) relative to prices wages are lower and employment rises. b) relative to prices wages are higher and employment rises. c) relative to prices wages are higher and employment falls. d) relative to prices wages are lower and employment falls.
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.ProcessABCDE(smoke/day)(4 tons/day)(3 tons/day)(2 tons/day)(1 tons/day)(0 tons/day)Cost to Firm X ($/day)$500$514$530$555$585Cost to Firm Y ($/day)$400$420$445$480$520Cost to Firm Z ($/day)$300$325$360$400$550 If pollution is unregulated, then total daily smoke emission will be ________ tons.
A. 8 B. 9 C. 4 D. 12