Which of the following items is a final good?
A) mustard in a deli
B) tin purchased by a tin can company
C) a sweater purchased by someone in a department store
D) a and b
E) a, b, and c
C
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The tax wedge is the difference between the
A) amount of taxes needed to pay off the national debt and the actual amount of taxes. B) nominal and real interest rates. C) pretax and posttax returns to an economic activity. D) amount of taxes needed to balance the federal budget and the actual amount of taxes.
The business term for economies of scope is
A) economies of scale. B) diversification. C) cooperation. D) synergies.
Refer to the above figure. At an income of $10,000, saving is
A) 0. B) $13,000. C) $3,000. D) -$3,000.
An asset-price bubble is caused by:
A. people buying assets because they believed prices would keep going up and they'd be able to sell for a profit. B. the increase in the value of durable goods when the economy is experiencing low inflation. C. fads that make owning a certain asset fashionable. D. severe inflation within a short period of time.