Payroll taxes levy taxes on ________
A) consumption
B) imports
C) wages
D) exports
C
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If the market price is above a firm's average cost at the quantity produced
A) the firm operates and makes a profit. B) the firm operates and make zero economic profit. C) the market price of the firm's inputs will rise. D) total profit is maximized.
Marginal revenue is defined as
A. the change in total revenue from a unit change in price. B. the change in average revenue from a one-unit change in output. C. the change in total revenue from a one-unit change in output. D. the change total cost from a one-unit change in output.
When a positive externality exists, _______________________ and thus _______________ intervention may be needed to achieve efficiency
A) external costs are necessarily greater than private costs; government B) social costs equal private costs; no government C) social costs are less than private costs; government D) social costs are greater than private costs; government E) none of the above
A firm that responds to a regulatory rule in a way that permits technical compliance while allowing the firm to violate the spirit of the regulation has.
A. reduced the scope of the lemons problem. B. engaged in a creative response to regulation. C. shared the gains and pains of regulation. D. become a captured regulator.