Resources from nature that can be used to produce other goods and services are called:

Social Security tax is deducted from your paycheck. In the figure above, this will be shown as

A) taxes flowing from households to firms. B) taxes flowing from households to governments. C) wages flowing from firms to governments. D) wages flowing from firms to households. E) taxes flowing from firms to governments.

In what way is the result of an excise tax imposed on either demanders or suppliers similar to the result of a price ceiling?

a. The amount that consumers pay for the good will be less than they previously paid b. The amount of the good that will be traded in the market will be less than previously traded c. both price ceilings and excise taxes create excess demand d. The amount that consumers pay for the good will be greater than they previously paid e. both price floors and excise taxes create excess supply