Since 1300, the inflation rate has been greater than 2 percent per year and reaching its highest peaks
A) primarily between 1700 and 1900.
B) primarily after 1900.
C) primarily between 1400 and 1500.
D) primarily before 1400.
E) primarily between 1500 and 1700.
B
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In the figure above, suppose that the government imposes a tax of $4 per pizza. Then, the
A) buyers and sellers equally share the incidence of the tax. B) shaded area is the deadweight loss from the tax. C) shaded area is the tax revenue from the tax. D) Both answers A and B are correct. E) Both answers A and C are correct.
Classical economists believed that
A) real GDP per person would rise above its subsistence level in the long run. B) real GDP per person would never rise above its subsistence level in the long run. C) the demand for labor increases when the population increases. D) population growth decreases as real GDP per person rises.