If neither the demand nor supply of a good is perfectly elastic or inelastic, a tax on the good ________ consumer surplus and ________ producer surplus
A) decreases; decreases
B) increases; increases
C) decreases; increases
D) increases; decreases
E) decreases; does not change
A
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A decrease in the level of cyclical unemployment will shift the long-run Phillips curve
Indicate whether the statement is true or false
Which of the following appears on the asset side of a bank's balance sheet?
a. Excess reserves. b. Loans. c. Required reserves. d. All of the above.
If a government pursues the industrial policy of import substitution, it is:
A. protecting domestic industries until they are efficient enough to compete in the world market. B. giving consumers incentive to substitute imported goods for those domestically produced. C. encouraging domestic industries to ship imports to other countries. D. mandating that imports can only be sold if the domestic economy does not produce that particular good.
Skip's Sealcoating Service increased its total monthly revenue from $12,000 to $13,500 when it raised the price of driveway repairs from $600 to $750 . The price elasticity of demand for Skip's Sealcoating Service is
a. 0.11. b. 0.47. c. 1.12. d. 2.11.