State sales taxes are operated as a system of
A) ad valorem taxation.
B) unit taxation.
C) income taxation.
D) revenue minimizing taxation.
A
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Ocean Spray is considered to be an oligopoly firm because, until the 1990s, it faced little competition in the market for fresh and frozen cranberries. Why?
A) Ocean Spray had a patent on the production of cranberries that gave the company the exclusive right to market its product for 20 years. The 20-year period ended in the 1990s. B) The federal government imposed a high tariff on cranberry imports. During the 1990s the tariff was eliminated, but Ocean Spray still controls about 80 percent of the cranberry market. C) Until the 1990s, Ocean Spray controlled almost the entire supply of cranberries. D) Ocean Spray was able to achieve significant economies of scale in the production of cranberries. Beginning in the 1990s, other firms finally achieved economies of scale as well, but Ocean Spray still controls about 80 percent of the cranberry market.
Refer to the figure shown, which represents the production possibilities frontiers for Countries A and B. After examining each country's production possibilities curve, it is clear that:
A. neither country will benefit from trade.
B. both countries can benefit from trade because absolute advantage exists.
C. both countries could benefit from trade because comparative advantage exists.
D. only Country A will benefit from trade.
Which of the following is not an advantage of a global currency?
a. International transactions would have fewer transactions costs. b. Travel would be simplified. c. A global currency would foster competition due to increased price transparency. d. All of these are advantages.
Which country has a surprising life expectancy, and why?
a. Japan has the highest life expectancy even though it ranks only fourth in real GDP per capita.
b. Nigeria has an unexpectedly high life expectancy for a country with a low real GDP
per capita.
c. Brazil has a very low life expectancy even though its real GDP per capita is in the
middle of this list.
d. The United States has a higher life expectancy than one might expect from its real
GDP per capita.