If a tax is progressive, then:
A. The average and marginal tax rates are always equal
B. As the tax base increases, the marginal tax rate declines
C. As the tax base rises, the average tax rate is greater than the marginal tax rate
D. As the tax base increases, the marginal tax rate is greater than the average tax rate
D. As the tax base increases, the marginal tax rate is greater than the average tax rate
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670Using the regular percentage change formula, what is the price elasticity of demand when price decreases from $9 to $7?
A. -1.5 B. -1 C. -1.75 D. -2.25
Refer to the scenario above. What is likely to be the impact on Firm A's sales if Firm B decides to sponsor the event while Firm A decides not to sponsor the event?
A) A 5% increase in sales B) A 7% increase in sales C) A 0% increase in sales D) A 2% increase in sales
The opportunity cost of something is the nominal price paid for the product.
Answer the following statement true (T) or false (F)
If the interest rate is r (expressed as a decimal number), the present value today of $1 to be received n years from today equals ____.
A. $1rn B. $1(1 + r)n C. $1/(1 + r)n D. $1/(1 + n)r