If a grocery store offers a five percent discount to senior citizens, this is an example of ________ and is ________.
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly
B) conditional sales; always illegal per se
C) conditional sales; only illegal if the practice substantially lessens competition or tends to create a monopoly
D) price discrimination; always illegal per se
A) price discrimination; only illegal if the practice substantially lessens competition or tends to create a monopoly
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The main difference between direct and indirect taxes is that
a. indirect taxes are automatically deducted from workers' paychecks and direct taxes are not. b. direct taxes are paid to state and local governments and indirect taxes are paid to the federal government. c. direct taxes are taxes levied on people and indirect taxes are taxes levied on activities undertaken by people. d. direct taxes are usually proportional and indirect taxes are usually progressive.
Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20NA195 B35 180 C45 150 D50 100NAThe lowest opportunity cost in Table 1.2 for Stealth Bombers is
A. 10 B-1 bombers B. 3 B-1 bombers C. 2 B-1 bombers D. 4 B-1 bombers
The following diagram shows a consumer's demand schedule for a good. At a price of $2, consumer surplus is:
a. ?$200. b. ?$5. c. ?$80. d. ?$10. e. ?$4.
Suppose actual investment is greater than planned investment at the current level of output in a given year. Given this information, we know that
A. saving must be equal to planned investment in that year. B. firms' stock of inventories must have increased unexpectedly in that year. C. saving must be less than planned investment in that year. D. GDP will tend to increase over time.