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Consider the economy of Arcadia. The households of Arcadia spend 90% of their income. There are no taxes and no foreign trade. The currency of Arcadia is called “Arcs”. The level of potential output in Arcadia is 700 billion arcs. Suppose that actual output is 600 billion arcs, and the government of Arcadia decides to tax its citizens. In order to take the economy to potential output, the government should:
decrease taxes by 11.1 billion arcs.
increase taxes by 11.1 billion arcs.
decrease taxes by 10 billion arcs.
increase taxes by 9 billion arcs.
The price elasticity of demand for imported mineral water is estimated to be ?0.20 over a wide interval of prices. The federal government decides to raise the import tariff on foreign mineral water, causing its price to rise by 20 percent.
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
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Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency.
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A monopoly or oligopoly showing no economic profit or loss has
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In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
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