All taxes distort market decisions, affecting the buying and selling of goods and services
a. True
b. False
Indicate whether the statement is true or false
True
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The gross domestic product of Neonland is 450,000 neons. It has a total population of 1,500. 30% of the total population in Neonland comprises of retired workers, 50% of the population is employed, and the remaining are unemployed children
i) Calculate the income per capita of Neonland. ii) What is the income per worker of Neonland? iii) Is there a difference between the two measures? If yes, explain the reason behind this difference.
The table above has the domestic demand and domestic supply schedules for a good. If the world price of the good is $10, then according to the table
A) the country exports 6 units a day. B) the country imports 6 units a day. C) the country imports 16 units a day. D) the country exports 22 units a day. E) domestic production is higher before trade than after trade.