Ad valorem taxes create tax wedges just like unit taxes.
A. True
B. False
C. Uncertain
A. True
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All cartels are inherently reliant on
a. a horizontal demand curve. b. an inelastic demand for their product. c. the cooperation of their members. d. enforcement of antitrust laws.
If an inverse relationship exists between two variables, then
What will be an ideal response?
Figure 18.1Refer to Figure 18.1. Canada has a comparative advantage in the production of:
A. bicycles. B. hang gliders. C. both bicycles and hang gliders. D. neither bicycles nor hang gliders.
Economists are concerned with an individual's
A. wants because wants always lead to shortages in the economy. B. needs because economists define needs to be the goods people need to survive. C. needs because needs are most important to an individual's well being. D. wants because the existence of wants leads to scarcity.