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1. Assuming both types of taxes collect the same number of dollars, a wage tax is preferable to a head tax.
A. True
B. False
2. For a “normal” good, the income and substitution effects are not opposing forces. That is, for a “normal” good, the substitution and income effects of an increase in the price will both cause a reduction in the quantity purchased.
3. Suppose supplier John faces a horizontal demand for the product he supplies to the market. If John chooses to move to a different point on this demand he faces, the revenue he generates will experience both a price and output effect.
Illustrate what mix of central bank bond purchases also higher government spending is required to rise income by $6,000 without changing the interest rate
why the enrollment in colleges also universities increases at times of economic recession
The demand curve for Froot Loops breakfast cereal is very elastic because: A market can be described by the equations Qd = 100 P and Qs = P. What are the equilibrium price and quantity in this market? Which good below might be expected to have the mo..
The company wants to replace office equipment like machines and computer at assorted times over the five year planning period.
Which of the following might most closely represent a monopsonist? In a monopsonistic labor market, the marginal-factor-cost curve is
Find out his utility maximizing H and L. Assume he is not eligible for welfare. Now assume he is eligible for welfare. Does he take welfare or work.
Suppose a consumer derives satisfaction from consuming tacos: those from Taco Bell and those from Chipoltle. Graph the budget line of the consumer under the assumption that he is offered a “buy three, get one free” deal at Taco Bell (limit one free t..
George, who owns and runs Tots Poses, expects to encounter an average of eight customers per day, each with a reservation price shown in following table. What are total revenues, average revenues and marginal revenues
What are the five factors that influence comparative advantage? How can the government use different fiscal policies to [a] lower unemployment and [b] reduce inflation?
Illustrate a firm in monopolistic competition that does not make a profit but rather a loss. Now illustrate how firm exit will change demand in the long run, allowing at least some firms to break even.
Suppose that the government of Tonga decided to impose or place a price floor on all imported chicken products. Elucidate what is the advantage and disadvantage of this policy.
The economy is hit with a positive LRAS shock and you, in your role as a central banker, respond with an active policy response to stabilize inflation. (a) Draw an AS/AD diagram illustrating the changes in output and inflation. (b) Describe briefly h..
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