If government spending equals tax revenue, the government has
A. a surplus of zero, but possibly a deficit as well.
B. either a surplus of zero or a deficit of zero.
C. neither a surplus of zero or a deficit of zero.
D. both a surplus of zero and a deficit of zero.
D. both a surplus of zero and a deficit of zero.
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Which of the following is NOT correct about the effects of a tariff on an imported product?
A) Tariffs benefit domestic producers by raising price and domestic output. B) Tariffs increase government revenue. C) Tariffs mean higher prices and less consumption for consumers of the product. D) Tariffs increase the efficiency of how resources are allocated.
If a person is taxed $100 on an income of $1,000 . taxed $220 on an income of $2,000 . and taxed $390 on an income of $3,000 . this person is paying a(n):
a. progressive tax. b. poll tax. c. regressive tax. d. excise tax. e. proportional tax.
As price falls, quantity supplied ___________.
Fill in the blank(s) with the appropriate word(s).
Out-of-pocket expenses such as wages and raw materials are
A) direct costs. B) an owner-provided capital cost. C) implicit costs. D) explicit costs.