Author Question: If real GDP in Sweden was SEK 822 billion at the end of 1993 and SEK 950 billion at the end of 1994, ... (Read 61 times)

Mr. Wonderful · **on:** Jun 30, 2018

If real GDP in Sweden was SEK 822 billion at the end of 1993 and SEK 950 billion at the end of 1994, we can say that the Swedish economy grew at an annual rate of 7 in 1994.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Assume that the elasticities of supply and demand in an industry are both equal to 2 and that it is currently untaxed. A new tax imposed on the industry will:
a. be borne more by suppliers than demanders.
b. be borne more by demanders than suppliers.
c. be borne equally by demanders and suppliers.
d. not raise any added revenue for the government since demand is relatively elastic.