A tax of $1 on sellers shifts the supply curve upward by exactly $1
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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In perfect competition, firms enter the market whenever the market price exceeds the minimum average variable cost
Indicate whether the statement is true or false
Economics
Suppose the government spending multiplier is 2. The federal government cuts spending by $40 billion. What is the change in GDP if the price level is not held constant?
A) a decrease of less than $80 billion B) an increase equal to $80 billion C) an increase of greater than $80 billion D) an increase of less than $80 billion E) a decrease of more than $80 billion
Economics