A government tax per unit of output reduces supply.
Answer the following statement true (T) or false (F)
True
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Assume that a small country produces only green peppers and red peppers. Last year, it produced 100 green peppers and 50 red peppers and sold them at prices of $2 per green pepper and $3 per red pepper
This year, it produced 150 green peppers and 60 red peppers and sold them at prices of $2 per green pepper and $4 per red pepper. What is real GDP this year if the base year is last year? A) $540 B) $350 C) $890 D) $400 E) $480 Data for 2009 Data for 2010
A measure of absolute price changes that excludes changes in energy and food prices is called:
A) fringe rate of inflation. B) core rate of inflation. C) overall inflation. D) none of the above.
Your purchase in a downtown Cincinnati leather shop of an Italian-made Gucci purse would be classified in the U.S. GDP accounting as
a. an addition to inventory b. an investment good c. a domestic good d. an import e. an export
Total output equals total income
A. in the income-expenditures diagram. B. in the circular demand diagram. C. in the circular sales diagram. D. in the spending-output diagram.