An example of an excise tax is the
a. poll tax on every citizen
b. property tax on real estate
c. corporate income tax
d. property tax on personal belongings
e. unit tax on a movie ticket
E
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Consumer’s surplus can be written as
A. total expenditure?total utility. B. total utility?total expenditure. C. marginal utility?marginal expenditure. D. marginal expenditure?marginal utility.
When you use a debit card to purchase a pair of jeans, you are
A) creating a 30-day loan from your bank to the seller. B) creating a 30-day loan from the seller to your bank. C) giving your bank an instruction to transfer funds directly from your bank account to the store's bank account. D) creating an overnight repurchase agreement between your bank and the store.
Insurance companies provide higher insurance premiums to plans with lower deductibles as a way of:
A. reducing the lemons problem. B. avoiding moral hazard. C. screening between types of drivers. D. optimizing information acquisition.
When a firm is experiencing diminishing returns:
A. average cost is always increasing. B. average cost is always decreasing. C. marginal costs are always less than average costs. D. None of these