In 1910, the largest U.S. industry as ranked by value added was

If a tax is placed on tires, then i. the equilibrium quantity of tires will decrease. ii. a deadweight loss will be created. iii. the producer surplus will decrease

A) i only B) ii only C) i and iii D) i and ii E) i, ii, and iii

The table above gives some of the entries in the national income and product accounts. The government sector has a ________, and the private sector has a ________

A) surplus of $50 billion; surplus of $25 billion B) deficit of $50 billion; surplus of $25 billion C) surplus of $50 billion; deficit of $25 billion D) deficit of $50 billion; deficit of $25 billion