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RUTGERS MICRO EXAM 1 (ACTUAL |
QUESTIONS AND VERIFIED CORRECT
ANSWERS | LATEST UPDATE
the incidence of a tax:
refers to how much of the tax is actually paid by consumers and producers
points beyond the production-possibility frontier are unattainable with current resources
the circular-flow diagram shows the flow of ____ and the flow of _______ money; goods and services
the tendency of people or firms to consume a public good without paying for it is called the _____ problem free rider
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a higher rate is most likely to decrease the amount of revenue that the government collects from an excise tax if demand is _____ and supply is _____
elastic: elastic
We have an expert-written solution to this problem!
T or F:
market equilibrium will always be efficient even if it is not equitable false
T or F:
deadweight loss is the lost gains associated with transactions that do not occur because of market intervention, such as a quota true
what factor would result solely in a movement along the demand curve for a particular good?a change in the price of that good
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