________ taxes are taxes paid when purchasing specific goods such as alcohol, tobacco, and gasoline
A) Property
B) Payroll
C) Wealth
D) Excise
D
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Explain what economists mean by full employment and why this rate of unemployment is not zero
What will be an ideal response?
If an airport decides to expand by building an additional passenger terminal, and in doing so it lowers its average cost per airplane landing, then the expansion would provide ________ to the airlines
A) higher marginal costs but lower total costs B) higher average costs but lower total costs C) economies of scale D) diseconomies of scale
A firm that develops a new technology is the beneficiary of a ________ scarcity, while a firm that controls a patent is the beneficiary of a _________ scarcity.
Fill in the blank(s) with the appropriate word(s).
Teesha is a producer of leather belts and bags. She has just learned that a new tax is going to be assessed on leather goods. If Teesha understands how taxes influence pricing, what is her most likely reaction?
a. She is upset because she knows she will receive less for her products. b. She is happy because she knows she will receive more for her products. c. She does not care because she knows this will not affect her products. d. She is happy because she will have more producer surplus on her products.