The benefits-received principle of taxation is most evident in:
A. progressive tax rates.
B. excise taxes on gasoline.
C. the personal income tax.
D. the corporate income tax.
Answer: B
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What will be an ideal response?
If the government regulates the price a monopoly can charge, and the price ceiling is set below what the competitive market price would be, then
A) a shortage will exist. B) a surplus will exist. C) producer surplus is maximized. D) consumer surplus is maximized.
A firm, judged to be a natural monopoly in a small rural market like Centerville, may be considered monopolistically competitive in a market such as New York City
Indicate whether the statement is true or false
Minimum wages create unemployment in markets where they create a
a. shortage of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S. b. shortage of labor. Minimum wage laws are the predominant reason for unemployment in the U.S. c. surplus of labor. Minimum wage laws are not the predominant reason for unemployment in the U.S. d. surplus of labor. Minimum wage laws are the predominant reason for unemployment in the U.S.