A(n) ______ is a tax on a good with external costs.
Fill in the blank(s) with the appropriate word(s).
Answer: Pigouvian tax
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If the price of beef jerky rises, the substitution effect due to the price change will cause
A) an increase in the demand for hot sauce, a complement for beef jerky. B) a decrease in the quantity of beef jerky demanded. C) an increase in the quantity of beef jerky demanded. D) an increase in the demand for beef jerky.
Income distribution in the United States is quite similar to that in other industrialized nations
Indicate whether the statement is true or false
Marginal cost is defined as the increase in total cost resulting from an increase in
a. one unit of output. b. output of 100 units. c. a firm's plant size. d. one unit of labor.
The slope of the aggregate demand curve illustrates that real GDP demanded will increase when
A. the price level rises. B. the price level falls. C. real income rises. D. real income falls.