Which of the following would likely cause the greatest deadweight loss?
a. a tax on cigarettes
b. a tax on salt
c. a tax on cruise line tickets
d. a tax on gasoline
Ans: c. a tax on cruise line tickets
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The board of directors and the CEO
A) do not have a principal/agent relationship. B) are agent and principal, respectively. C) are principal and agent, respectively. D) are one in the same for small corporations.
Which of the following is included in GDP calculations?
a. the college tuition paid to enroll in a course b. a check for $50 received on your birthday c. cash income received by a self-employed landscaper that is not reported to the IRS d. sales revenue received from a yard sale
Based on the following graph, one point on the consumer's demand curve for X is
The consumer's income is $600.
A. 25 units at a price of $7.50. B. 25 units at a price of $10. C. 60 units at a price of $10. D. 35 units at a price of $10. E. 35 units at a price of $6.
An unusually large crop of coffee beans would:
A. decrease the quantity of coffee consumed. B. increase the price of coffee. C. increase the price of tea. D. increase the supply of coffee.