The resources that a taxpayer devotes to complying with the tax laws are a type of
a. consumption tax.
b. value-added tax.
c. deadweight loss.
d. producer surplus.
c
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Coffee and sugar are complements. If the supply curve of coffee shifts leftward because of poor weather, then there will be
A) an increase in the price of sugar. B) a decrease in the price of sugar. C) a leftward shift of the demand curve for coffee. D) a leftward shift of the supply curve for sugar.
Suppose local educators argue that teachers' salaries are too low. At the same time it is said that the school district received 750 applications for 5 new openings. Are salaries too low? Explain
What will be an ideal response?
Carefully distinguish between an economic theory and economic model
Why does an increase in the price level cause a decrease in real GDP demanded?
a. Consumer wealth increases. b. Net exports will increase. c. Interest rates decrease and cause higher investment. d. Net exports will decrease.