An excise tax is a tax that is levied on
A. the value of an estate.
B. the purchase of a given good or service.
C. the value of a piece of property.
D. that part of a person's income coming from interest payments.
Answer: B
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If a country has a capital and financial account deficit, that country's stock of international indebtedness is
A) increasing. B) decreasing. C) constant. D) zero.
Marginal cost is equal to average total cost when
a. average variable cost is falling. b. average fixed cost is rising. c. marginal cost is at its minimum. d. average total cost is at its minimum.
Which statement about oligopolies is true?
A. Most oligopolies in the U.S. engage in outright collusion. B. Most oligopolies operate at the minimum point of their ATC curves. C. Most of our GDP is produced by oligopolies. D. Collusion is illegal in the U.S. and does not exist.
Alicia spends $20,000 on remodeling a storefront that she then opens as a flower shop. Her business has not been very successful, and she needs an additional $8,000 to keep the flower shop. Which of the following is true?
A. The $8,000 Alicia needs to keep the flower shop open represents her total fixed costs. B. The $20,000 Alicia spent on remodeling represents a part of the total variable cost of her business. C. The $20,000 Alicia spent on remodeling is a fixed cost of her business. D. The $8,000 represents her marginal costs of production.