The GDP growth rate is report at annualized rate. This means each quarter’s growth rate is ______ and reported as if the economy had the same growth rate for the entire year.

For a representative consumer, 8 tacos and 2 hamburgers generate the same utility as 4 tacos and 4 hamburgers. How many tacos must the consumer give up in order to get one more hamburger?

A) 4 B) 2 C) 6 D) None of the above

Imposing a unit excise tax on the final sale of a good or service can be displayed graphically as

A. a vertical shift downward of the demand curve. B. a vertical shift upward of the demand curve. C. a vertical shift upward of the supply curve. D. a vertical shift downward of the supply curve.