"The value of the next best alternative" defines
A. the Law of Increasing Costs.
B. the economic problem.
C. allocative efficiency.
D. opportunity cost.
D. opportunity cost.
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The price elasticity of demand is calculated as the absolute value of the
A) percentage change in quantity demanded divided by the percentage change in price. B) percentage change in price divided by the percentage change in quantity demanded. C) change in quantity demanded divided by the change in price. D) change in price divided by the change in quantity demanded.
When income taxes are ________ progressive, then output is ________ sensitive to price-level changes
A) more; more B) more; less C) less; more D) less; less
Which of the following best reflects the ability-to-pay philosophy of taxation?
a. an excise tax on coffee b. an excise tax on gasoline c. a progressive income tax d. a tax on residential property
All of the following are barriers to entry except
A. required scale for innovation. B. government deregulation. C. economies of scale. D. economies of being established.