A tax levied on purchases of a particular good or service
A) is illegal because it is discriminatory.
B) always leads to a reduction in total tax revenues.
C) always leads to an increase in total tax revenues.
D) is an excise tax.
Answer: D
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Answer the following statement(s) true (T) or false (F)
1. The major reason education leads to higher wages is due to signaling. 2. Attending college can be seen as an individual’s attempt to raise their level of human capital. 3. Since mowing ones lawn is not done at their workplace, it is viewed as a use of their leisure time and thus (somewhat paradoxically) falls into the category of leisure. 4. One deficiency of labor-leisure indifference curve analysis is that because indifference curves are always tangent to the worker’s budget line, the model can not explain why some people choose not to work. 5. A firm’s marginal revenue product of labor equals the marginal product of labor times the cost per unit of the labor.
When a government moves from a centrally planned economy to a market economy, this is an example of ________ policy.
A. monetary B. structural C. aggregation D. fiscal
A currency drain occurs because people want to hold some of their money as currency rather than as deposits
Indicate whether the statement is true or false
When the excess capacity problem under monopolistic competition becomes greater, there will be:
A. a wider range of consumer choice. B. fewer advertisements and promotions. C. more entry by firms into the market. D. a narrower range of consumer choice.