The general category of taxes that include unit taxes, sales taxes, and customs duties, is known as a(n)
a. excise tax
b. internal tax
c. external tax
d. estate tax
e. property tax
A
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Which of the following is a CORRECT statement about markets for prohibited goods?
A) Penalizing sellers of an illegal good decreases supply and penalizing buyers decreases demand. B) Penalizing either buyers or sellers of an illegal good decreases the quantity bought. C) Taxing a good at a sufficiently high rate can achieve the same consumption level as prohibition. D) All of the above are correct statements.
Suppose the supply curve for digital cameras shifts to the right. This will cause a relatively large decrease in the price of digital cameras if both demand and supply are inelastic
Indicate whether the statement is true or false
The Brander-Spencer model identified market failure in certain industries due to
A) unfair competition. B) wildcat destructive competition. C) environmental negative externalities associated with pollution. D) limited competition. E) lack of excess returns.
The key to a country's economic growth is combining _______ with _______.
A. human capital; physical capital B. legal institutions; cultural institutions C. ideas; good institutions D. human and physical capital; ideas and good institutions