Refer to Figure 4-15. For each unit sold, the price sellers receive after the tax (net of tax) is
A) $20. B) $22. C) $27. D) $32.
A
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In order to achieve the maximum gains from trade, people should specialize according to
A) property rights. B) PPF. C) absolute advantage. D) comparative advantage.
Demand for Shell gasoline will increase if the price of:
A. Motor vehicles increases. B. BP gasoline increases. C. BP gasoline decreases. D. Shell gasoline decreases.
If Congress instituted an investment tax credit, the equilibrium quantity of loanable funds would
a. rise. b. fall. c. be unchanged. d. move in an uncertain direction.
Countercyclical discretionary fiscal policy calls for:
A. surpluses during recessions and deficits during periods of demand-pull inflation. B. deficits during recessions and surpluses during periods of demand-pull inflation. C. surpluses during both recessions and periods of demand-pull inflation. D. deficits during both recessions and periods of demand-pull inflation.