Refer to the figure above. The region BAH represents the ________.
A) consumer surplus after taxation
B) tax incidence on consumers
C) tax incidence on producers
D) deadweight loss due to taxation
Question 2
By itself, a supply shock, such as a hike in the price of oil, can
A) cause real GDP to permanently decrease year after year.
B) not result in persisting inflation.
C) be inflationary as long as there is no policy response.
D) result in persisting inflation if aggregate supply persistently increases.
E) result in a persisting wage-price spiral.
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