Recall the Application about how Greek citizens began to hold large amounts of cash in 2015 to answer the following question(s). According to this Application, which of the following is a reason for holding cash?
A. for convenience
B. to make a purchase when you cannot use a debit or credit card
C. fear of financial catastrophe
D. All of these
Answer: D
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The gasoline tax
a. is similar to most other taxes in that it causes deadweight losses. b. produces the unfortunate side-effect of making the roads more dangerous. c. can be viewed as a corrective tax aimed at multiple negative externalities associated with driving. d. can be viewed as a command-and-control policy aimed at discouraging people from driving.
In Exhibit 3-16, assume that the market price of chairs is $5 each. This price is:?
A. ?an equilibrium price. B. not an equilibrium price, since there is an excess supply at a price of $5. C. ?not an equilibrium price, since there is an excess demand at a price of $5. D. ?not an equilibrium price, since the rate at which chairs are being supplied is great than the rate at which they are being demanded.
If each taxpayer paid the same lump-sum amount regardless of income level, the tax system would be:
A. regressive. B. progressive. C. disproportionate. D. proportional.
If goods are completely unrelated, their cross price elasticity will
A) be greater than one. B) be less than one. C) be equal to zero. D) be negative.