After a tax is imposed,
a. consumers pay a higher price
b. consumers lose consumer surplus.
c. producers lose producer surplus.
d. all of the above are true.
d
Economics
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The calculation of GDP using the income approach EXCLUDES
A) rent. B) interest. C) environment quality. D) wages. E) profit.
Economics
If individuals make intertemporal choices using "hyperbolic discounting", this may create inefficient choices because individuals will: a. not take account of their time preferences
b. make choices that are inconsistent over time. c. have a preference for only consuming in the future. d. confuse nominal and real interest rates.
Economics