The differential taxation of inputs does not create an excess burden.

The key decision maker for general Federal Reserve policy is the:

A. Federal Open Market Committee. B. Board of Governors. C. Federal Advisory Council. D. Regional Federal Reserve banks.

Whenever an input makes up a large percentage of a good's final cost, an increase in that input's price will

A) affect total cost relatively more. B) not affect total revenues. C) affect only accounting profits. D) cause the firm to shutdown.