Which form of taxation do many developing countries rely on the most?
A. Import taxes or tariffs
B. Corporate taxes
C. Income taxes
D. Sales taxes
Answer: A
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If tastes are homothetic, there exists a utility function that represents those tastes and that gives rise to an expenditure function which is homogeneous of degree 1 in utility.
Answer the following statement true (T) or false (F)
An airline can profit by offering standby customers an unsold seat at a substantial discount just before takeoff because
A. additional passengers are needed to balance the load. B. the marginal cost of additional passengers is very small. C. additional passengers add little to fixed costs. D. such passengers add more to profits than do those with reserved seats.
Some economists have argued that path dependence and switching costs can lead to market failure. Which of the following is an example of this argument?
A) VHS video recorders became more popular with consumers than Sony Betamax recorders even though the Betamax recorders embodied a superior technology. B) A consumer who won a lottery for a Super Bowl ticket refuses to sell it for $3,000 even though he would not have paid $3,000 for a ticket if he had not won the lottery. C) Costly celebrity endorsements lead many consumers to buy a product even though it is more expensive or less effective than a product that is not endorsed by a celebrity. D) While playing the ultimate game, an allocator decides to share $20 equally with a recipient rather than keep the $20 for herself.
Under the unified Euro regime, the European countries control
A) fixed exchange rate only. B) monetary policy oriented toward domestic goals only. C) freedom of international capital movements only. D) monetary policy oriented toward domestic goals and freedom of international capital movements. E) fixed exchange rate and freedom of international capital movements.