A tax of 10 percent of the ticket price of an airplane ticket is _____
a. a unit tax
b. an ad valorem tax
c. an income tax
d. a value-added tax
b
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If John says the price of gasoline is too high and Paul says prices are determined by the action of the marketplace, then John has made a(n):
a. positive economic statement, and Paul has made a normative economic statement b. positive economic statement, and Paul has made a positive economic statement c. normative economic statement, and Paul has made a normative economic statement d. normative economic statement, and Paul has made a positive economic statement e. improper economic statement, and Paul has made a proper economic statement
The two primary factors determining monopoly market power are the firm's: a. revenue and the size of its customer base
b. variable cost curve and fixed cost structure. c. demand curve and cost structure. d. demand curve and the level of wealth within its market.
A curve that shows all of the alternative consumption bundles that the consumer likes equally well is called:
A. a budget constraint. B. an indifference curve. C. an individual demand curve. D. a consumption bundle curve.
If $100 today is worth $150 to you in the future, then you exhibit
A. a neutral time preference. B. a negative time preference. C. a positive time preference. D. a negative marginal rate of substitution.