PriceQuantity Demanded$510$420$330$240$150Refer to the table above. What is the price with the maximum total revenue?
A. $5
B. $3
C. $2
D. $4
Answer: B
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At any point in time, a single bank can loan an amount equal to
A) its excess reserves. B) its required reserves. C) its government securities. D) the amount of loans the bank made in the past. E) its total reserves.
The government unit that wants to achieve "revenue enhancement" will find it considerably more favorable to enact an excise tax on goods whose demand is
A) highly elastic. B) relatively elastic. C) highly inelastic. D) unitary elastic.
A price ceiling in a perfectly competitive market
a. leads to the same result as if the market were monopolized b. results in a welfare loss c. is effective only if it is set above the equilibrium price d. may result from collusion among the firms selling in that market e. may result from collusion among the consumers buying in that market
A 7.25 percent sales tax
A. Is a regressive tax because poor individuals consume a higher percentage of their income than high-income individuals. B. Does not impose an additional tax burden on most individuals because the sales tax is paid entirely by the seller. C. Is a progressive tax because high-income individuals buy more goods and services than low-income individuals. D. Is a proportional tax because the rate is the same for all income groups.