Ad valorem taxes _____
a. are based on the dollar value of the good
b. are based on the number of units sold
c. are taxes on advertising
d. b and c
a
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Suppose you are very picky about your outdoor BBQ experiences --- and you need exactly 1 cup of lighter fluid for each bag of charcoal you use. If you have either leftover charcoal or leftover lighter fluid, you simply discard it.
a. Letting cups of lighter fluid be denoted as 
and bags of charcoal as 
, give the simplest possible utility function that captures your tastes.
b. Suppose that your favorite charcoal has just gotten better because the producer has infused the charcoal with half a cup of lighter fluid per bag. How does your answer to (a) change?
What will be an ideal response?
For a closed economy, GDP is $11 trillion, consumption is $7 trillion, taxes are $2.5 trillion and the government runs a surplus of $1 trillion. What are private saving and national saving?
a. $1.5 trillion and $2.5 trillion, respectively b. $2.5 trillion and $1.5 trillion, respectively c. $2.5 trillion and $2.5 trillion, respectively d. $1.5 trillion and $1.5 trillion, respectively
In recessions, we expect to run federal budget ___ bc govt spending will be ____ tax revenues.
a. balances; equal to b. surpluses; greater than c. surpluses; smaller than d. deficits; greater than e. deficits; smaller than
Americans needing foreign currencies get those currencies from a bank. The ultimate source of these currencies is
A. U.S. investments abroad. B. U.S. exports to foreign countries. C. U.S. imports of foreign goods and services. D. the International Monetary Fund.