Which of the following taxes is least likely to be shifted?
A. A federal excise tax on grapefruit
B. A sales tax on some foodstuff
C. A personal income tax
D. A state tax on football tickets
Answer: C
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"As interest rates rise, people save more money." A graph displaying this relationship would show
A) an inverse relationship. B) a positive relationship. C) a cross-section graph. D) a positive then a negative relationship.
Private goods are goods
A) that carry a price. B) for which price is greater than zero. C) for which the more one person has the less is available for someone else. D) that are produced by the government.
Fluctuations around the long-run aggregate supply curve are:
A. called the business cycle. B. experienced as expansions, recessions, and recoveries. C. normal for an economy. D. All of these are true.
Whenever external costs exist:
A.) Social demand is less than market demand. B.) Market demand is less than social demand. C.) Market demand and social demand are equal. D.) Market demand understates the social benefits.