The measure or value upon which a tax is levied is the
A. tax incidence.
B. tax structure.
C. tax base.
D. tax rate.
Answer: C
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The concept of surplus can:
A. show who loses from minimum wage. B. show the benefits of introducing new markets. C. show who benefits from a tax. D. show any of these.
Suppose a lazy monopolist's fixed costs are higher than the fixed costs of an efficient monopolist. In all other respects the monopolists are the same. Which of the following statements about this lazy monopolist is true?
A. It produces less than does the monopolist producing efficiently. B. Its total profit is lower than that of the monopolist producing efficiently. C. Its total profit is the same as that of the monopolist producing efficiently. D. Its total revenue is less than that of the monopolist producing efficiently.
The demand curve for gasoline should be
A. more elastic in the long run than in the short run. B. less elastic in the long run than in the short run. C. more or less elastic in the long run versus the short run depending upon supply conditions. D. as elastic in the long run as it is in the short run.
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.