In recent years, what has happened to the role of property tax in funding state and local expenditures?
a. It been increased to replace sales and income tax.
b. It has been used to provide grants to the federal government.
c. It has been phased out to help older people keep their homes.
d. It has been partially replaced with sales and income tax.
d. It has been partially replaced with sales and income tax.
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For a perfectly competitive firm, average revenue is equal to
A) average fixed cost. B) marginal cost. C) the market price. D) total revenue.
Refer to the following graph. When the price falls from $10 to $8, demand
a. is most elastic if the demand curve is D2.
b. is most elastic if the demand curve is D.
c. is most elastic if the demand curve is D1.
d. is most inelastic if the demand curve is D.
Unless otherwise indicated, when economists or investors refer to the interest rate on a financial asset, they referring to the:
A) current yield B) coupon rate C) yield to maturity D) prime rate
Exchange rates that are allowed to fluctuate in the open market in response to changes in supply and demand are known as
A) fixed exchange rates. B) gold exchange rates. C) flexible exchange rates. D) IMF exchange rates.