A lump-sum tax is:
A. a head tax.
B. the most efficient form of taxation.
C. a tax that charges the same amount to each taxpayer.
D. All of these statements are true.
D. All of these statements are true.
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Public saving is:
A. more important to national saving than private saving. B. increased when the government budget deficit rises. C. identical to the government budget surplus. D. less important to national saving than private saving.
Tom enjoys drinking Diet Coke with his lunch, but his enjoyment decreases after each glass he consumes. This is an illustration of
A. diminishing marginal utility. B. the income effect. C. the substitution effect. D. consumer sovereignty.
The Arrow-Pratt measure of risk aversion is
A) negative if a person is risk averse. B) greater than one if a person is risk averse. C) negative if a person is risk loving. D) None of the above.
A firm calculated that the income elasticity of demand for its signature product was equal to (+)0.87. Based on this information, we can say that the firm's product is:
a. A substitute good b. A complementary good c. An inferior good d. A normal good