A sales tax on sellers of a good shifts the supply curve leftward because the tax is like a cost of production

Refer to Table 12.1. Assuming the inflation rate forecast to be accurate, which nation has the lowest real rate of return?

A) Japan B) Australia C) the United States D) South Africa

Lauren runs a chili restaurant in San Francisco. Her total revenue last year was $110,000. The rent on her restaurant was $48,000, her labor costs were $42,000, and her materials, food and other variable costs were $20,000

Lauren could have worked as a biologist and earned $50,000 per year. An economist calculates her implicit costs as A) $150,000. B) $63,000. C) $50,000. D) $110,000. E) $0 because Lauren did not work as a biologist.