A fifty cent tax imposed on a pack of cigarettes is _____
a. a unit tax
b. an ad valorem tax
c. a retail sales tax
d. relatively cheap
a
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If the demand for cream cheese produced by a dairy is perfectly elastic, then:
a. the demand curve will be vertical. b. the demand curve will be horizontal. c. the demand curve will be upward sloping. d. the demand curve will be downward sloping. e. the demand curve will initially slope upward and then slope upward.
The concept of economies of scope describes the savings acquired from simultaneous production of different products
a. True b. False Indicate whether the statement is true or false
If the required reserve ratio is a uniform 25 percent on all deposits, the money multiplier will be:
A. 4.00. B. 2.50. C. 0.40. D. 0.25.
Two firms produce different goods. Firm 1 has a positive-sloped reaction function. This can be explained best by:
A. heterogeneous product Bertrand oligopoly. B. homogeneous product Bertrand oligopoly. C. homogeneous product Cournot oligopoly. D. None of the answers is correct.