Which of the following best reflects the ability-to-pay philosophy of taxation?
a. an excise tax on coffee
b. an excise tax on gasoline
c. a progressive income tax
d. a tax on residential property
c
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Which of the following is not true for a firm in perfect competition?
A) Price equals average revenue. B) Average revenue is greater than marginal revenue. C) Marginal revenue equals the change in total revenue from selling one more unit. D) Profit equals total revenue minus total cost.
From the earlier 1990s until 2012, the Japanese monetary was ________ and stock and real estate prices were ________
A) tight; rising. B) easy; rising. C) tight; falling. D) easy; falling.
One reason why a consumer might buy from a high-priced local hardware store instead of going to a big discount store several miles away in another community is that
a. the local store will still have lower money prices b. the time cost of going to the local store is equal to going to the discount store c. comparing the sum of money prices and time cost, the local hardware store is a bargain for people who value time highly d. comparing the sum of money prices and time cost, the local hardware store is a bargain for people who earn low hourly wages e. the time cost of going to the discount store is less than going to the local hardware store
Everyone in the neighborhood has been complaining about the deteriorating condition of the park, but nobody has cleaned it up. Why not?
A. There is an excess demand for parks in the neighborhood. B. There is an excess supply of parks in the neighborhood. C. No single person's benefit from cleaning the park exceeds that person's cost of cleaning it. D. The social benefit of cleaning the park exceeds the social cost of cleaning it.