Based on this supply and demand curve, how does a tax affect buyers?
a. decreases the price they must pay
b. increases the price they must pay
c. raises their demand for the product
d. builds supply of the product available to them
b. increases the price they must pay
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According to the theory of propitious selection:
a. risk-neutral people are more likely to opt for insurance coverage. b. risk-averse people are more likely to opt for insurance coverage. c. high-risk people submit large claims for insurance coverage. d. high-risk people submit smaller claims for insurance coverage.
In an open economy, gross domestic product equals $1,650 billion, government expenditure equals $250 billion, and savings equals $550 billion. What is consumption expenditure?
a. $250 billion b. $300 billion c. $550 billion d. $850 billion