State sales taxes are operated as a system of
A. ad valorem taxation.
B. unit taxation.
C. revenue minimizing taxation.
D. income taxation.
Answer: A
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In a market economy, ________ interact in markets to decide the answers to the fundamental economic questions
A) the judicial and legislative branches of the federal government B) large corporations C) households and firms D) state and local governments
The market demand for wheat is Q = 100 - 2p + 1pb, where pb is the price of barley. If the price of wheat is $2, the price elasticity of demand
A) equals (-4/46). B) equals (-46). C) equals (-1). D) cannot be calculated without more information.
Profit per unit is the difference between
A) average revenue and average total cost. B) marginal revenue and marginal cost. C) total revenue and total cost. D) average revenue and marginal cost.