Multiple levels of government are desirable because _____
a. different governmental activities are best undertaken by governments of different sizes
b. many governmental activities can only be financed if taxed at multiple levels of government
c. multiple levels of government provide sufficient bureaucracy to deal with the complex problems faced by today's governments
d. government could not be financed adequately without local governments doing the majority of the work ensuring compliance with the tax system
a
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Panel A shows a change in quantity demanded and Panel B shows a change in demand.
Indicate whether the statement is true or false.
The price of a firm's product is $8 and the firm faces a constant marginal cost of $5 that is equal to its (constant) average total cost. If the firm does not sell a unit of its product on the day it was produced, it is sold in a secondary market for a price of $2. If the firm does not sell a unit of its product on the day it was produced, there is a ________ of ________ per unit not sold.
A) loss; $3 B) profit; $3 C) profit; $5 D) loss; $2
Considering the concept of cross-price elasticity, if two goods are substitutes:
A. an increase in the price of one causes a decrease in the demand for the other. B. a decrease in the price of one causes an increase in the demand of the other. C. an increase in the price of one causes an increase in the demand for the other. D. the cross-price elasticity is negative.
Total expenditure equals price times quantity
a. True b. False Indicate whether the statement is true or false