European countries tend to rely on which type of tax more so than the United States does?
a. an income tax
b. a lump-sum tax
c. a value-added tax
d. a corrective tax
c
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In the 1970s, the largest steelmakers were slow or failed to adopt quickly the latest technology: oxygen furnaces. Some researchers blame
(a) the federal government for its enterprise-crippling policies, subsidies and import restrictions. (b) unions for their low productivity efforts and high wage demands. (c) management for not keeping abreast of global changes in the marketplace. (d) all of the above.
Tom tunes pianos in his spare time for extra income. Buyers of his service are willing to pay $155 per tuning. One particular week, Tom is willing to tune the first piano for $120, the second piano for $125, the third piano for $140, and the fourth piano for $160 . Assume Tom is rational in deciding how many pianos to tune. His producer surplus is
a. $95. b. $80. c. $75. d. $60.
What is the most likely effect when the price level in the United States decreases relative to the price level in other countries, ceteris paribus?
a. U.S. consumers will buy more foreign goods and services, decreasing the quantity of real GDP demanded. b. Foreign consumers will buy fewer U.S. goods and services, increasing U.S. exports. c. U.S. and foreign consumers will buy more U.S. goods and services, increasing the quantity of real GDP demanded. d. U.S. and foreign consumers will buy fewer U.S. goods and services, increasing U.S. exports.
For a firm that sells an information product, the long-run equilibrium exists at a point where
A. price equals average variable cost. B. price equals average fixed cost. C. price equals marginal cost. D. price equals average total cost.