The ________ curve describes the relationship between tax rates and tax revenue.
Fill in the blank(s) with the appropriate word(s).
Laffer
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What is not included in Porter's five forces representation?
A) the threat of new entrants. B) the threat of substitute products. C) the indifference of customers. D) the threat of new entrants.
Today the primary organization that countries use to negotiate trade issues is
a. the World Trade Organization. b. the General Agreement on Tariffs and Trade. c. the United Nations. d. the European Union.
If the economy dips into a recession
A. automatic stabilizers will cause tax receipts to fall and transfer payments to rise. B. automatic stabilizers will cause tax receipts to rise and transfer payments to fall. C. discretionary fiscal policy will generate increased transfer payments and lower tax receipts. D. discretionary fiscal policy will reduce government outlays and increase tax receipts.
At a price of $20, the marginal revenue of a monopolist is $12. If the marginal cost of production is $10, what should the monopolist do in order to maximize profits?
A. Increase its price. B. Decrease its price. C. Keep its price at the same level. D. There is not enough information to solve.