An example of ad valorem taxation is
A. a tax on luxury items.
B. the Social Security tax.
C. the corporate income tax.
D. the personal income tax.
Answer: A
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An imperfectly competitive firm faces a demand curve that is:
A. perfectly elastic. B. more than perfectly elastic. C. downward sloping. D. perfectly inelastic.
Suppose Stan transfers $1,000 from his checking account into a savings account. What are the effects on M1 and M2 money supply?
A) M1 increases; M2 decreases. B) M1 decreases; M2 remains the same. C) Both M1 and M2 increase. D) Both M1 and M2 decrease. E) Both M1 and M2 remain the same.
Refer to Table 11-7. What is the average total cost of production when the firm produces 120 lanterns?
A) $1,680 B) $72 C) $14 D) $12.3
The Nash equilibrium in a Bertrand game of price setting where all firms have different marginal cost is:
a. efficient because all mutually beneficial transactions will occur. b. efficient because of the free entry assumption. c. inefficient because some mutually beneficial transactions will be foregone. d. inefficient because of the uncertainties inherent in the game.