Assume that the government one day decides to tax greens fees at all state golf courses. To the government's dismay, not only was the amount of tax collected small, but there was a 90 percent decline in golfing
What type of tax analysis did the government apparently rely upon when it imposed this tax? A) static tax analysis
B) dynamic tax analysis
C) transaction cost analysis
D) ad hoc tax analysis
A
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According to the above table, the country will import the good if the world price is less than ________ and will export the good if the world price is more than ________
A) $4; $4 B) $4; $8 C) $10; $10 D) $8; $4 E) $6; $6
Under conditions of perfect competition, an individual producer
a. always maximizes output. b. operates where MR equals MC. c. never suffers a loss. d. operates where MR is greater than MC.
When marginal revenue product of an input is less than its price, the producers should use less of the input.
Answer the following statement true (T) or false (F)
Relative to the Nash equilibrium in the Cournot model, the Nash equilibrium in the Bertrand model with homogeneous products
A) results in the same output but a higher price. B) results in the same output but a lower price. C) results in a larger output at a lower price. D) results in a smaller output at a higher price. E) any of the above may result.