A tax levied on the purchase of a specific good or service is
A) an excise tax.
B) a consumption tax.
C) a purchase tax.
D) a value tax.
Answer: A
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Trade surplus is the excess of exports over ________
A) capital outflows B) factor payments C) transfers D) imports
In the long run a monopolistic competitor
A) set MR = MC. B) produces where P = AC. C) sets P > MC. D) All of the above.
Which statement about market power is incorrect?
A. It can lead to price increases that exploit consumers. B. It can lead to resource misallocation. C. It can lead to inefficient production and the lack of innovation. D. Monopoly power can lead to decreases in producer surplus.
Individual employment and training programs are levers most likely to be advocated by:
A. Classical economists. B. New classical economists. C. Keynesians. D. Supply-side economists.