Answer:
Increase, Increase.
Explanation:
The real GDP “Increases” and the price level “ increases” because the reduction in the tax rate will increase the purchasing power and then people will consume more. Thus, the aggregate demand rises and this rise in the aggregate demand will shift the demand curve rightwards. Resulting in an increase in the price and real GDP increase because the new market equilibrium will be above the old equilibrium.
The purchase and suppy of goods and services takes place in the product market.
Answer:
A dictatorship is a form of government characterized by a single leader or group of leaders that hold government power promised to the people and little or no toleration for political pluralism or independent media.
Answer:
tangible goods
Explanation:
Tangible goods are commodities that people can can see or touch. Examples include;
jewelry, computers, clothing
Given a positive externality, the marginal social benefits curve lies to the right of the demand curve, with the market output below the socially optimal output
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Explanation:</u></h3>
The marginal benefits can be represented by the demand curve. Assume a condition where the consumers are the only persons who gets benefits from the commodity. In this scenario, the demand curve will be the marginal benefit curve. When the society gets benefits by consuming an additional unit of a commodity production, then it is the marginal society benefits.
The marginal benefit curve and the demand curve will be same as long as you are willing to pay a next unit of a good. When you are willing to pay for an additional unit of good, it give rise to the marginal benefit curve. In the positive externality, the marginal benefits curve will be lying to the right of the demand curve, having the market output below the socially optimal output.