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1. When a good is taxed, the tax revenue collected by the government equals the decrease in the welfare of buyers and sellers caused by the tax.
a. True
b. False
2. As the size of a tax increases, the government's tax revenue rises then falls.
3. Economists argue that restrictions against ticket scalping actually drive up the cost of many tickets.
4. Efficiency refers to whether a market outcome is fair, whereas equality refers to whether the maximum amount of output was produced from a given number of inputs.
Suppose the demand function is Qxd = 100 - 5Px + 2Py - M. If Px = $4, Py = $2, and M = $50, what is the cross-price elasticity of good x with respect to the price of good y?
Assume the supply function for good X can be written as Qs = -100 + 27Px - 5Py - 1.8W, where px=the price of x, Py=the price of good y, and w = wage index for workers in industry x. According to this equation: 1. each one unit increase in price cause..
a farmer has a production function fl where the input is capital l. the cost of this loan is l1i. the farmer also has
Illustrate what are the equilibrium values of the interest rate, price level, consumption and investment. What are the new short-run equilibrium values of the interest rate, price level, consumption and investment.
Which of the subsequent companies has recently been used by the federal government for monopoly practices
Due to ever-accelerating technological growth, _________________ unemployment is on the rise worldwide.
A fixed resource is one that?
Compute price elasticity of demand and supply at the equilibrium price and quantity. Price elasticity of demand is equal to___ _ and price elasticity supply is equal to ____. On the same graph above, show the effect on equilibrium price and quantity ..
what hypothesis we can use to show whether the change in female literacy rate in both the models is significant or not.
As a price searcher, a monopoly firm?
The ending of company prepayments balance is expected to be the same as its beginning prepayments balance.
Describe the benefits and costs associated with each type of externality. What happens to the Supply and/or Demand curve in each of your examples.
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