A free good is one that can be acquired without sacrifice.
a. true
b. false
Ans: a. true
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A tax that is imposed as a specific amount per unit of a good is a(n)
A) excise or specific tax. B) sales or ad valorem tax. C) compound duty. D) income tax.
All of the following are criticisms of the Lorenz curve EXCEPT
A) The Lorenz curve does not include in-kind transfers. B) The Lorenz curve does not account for age differences. C) The Lorenz curve does not account for differences in the sizes of families. D) The Lorenz curve does not account for differences in education levels.
In the above figure, the area of rectangle ABHG represents the monopolist's
A) maximized economic profits. B) maximized total revenue. C) average total profits. D) total costs.
Which of the following statements about demand is correct?
a. A change in the price of bicycles will not lead to a shift of the demand curve for bicycles. b. A change in the price of automobiles will lead to a shift of the demand curve for motorcycles. c. A change in demand is equivalent to a movement along a given demand curve. d. When price falls, so does the quantity demanded. e. When the demand curve shifts to the right, so will the supply curve.