A unit tax is
a. a tax in the form of a percentage of the value of the good taxed
b. a fixed tax in the form of cents or dollars per unit of the good
c. a sales tax applied to a foreign good
d. any tax levied on a good
e. the same as a poll tax
B
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If a 20 percent increase in the price of a good does not change the quantity supplied, the
A) supply is perfectly inelastic. B) supply is unit elastic. C) supply is perfectly elastic. D) supply is elastic. E) None of the above answers is correct.
The primary difference between private goods and public goods is that
A. private goods are consumed by private individuals whereas public goods are not consumed by private individuals. B. private goods often yield externalities but public goods do not. C. property rights can be assigned to public goods but not to private goods. D. public goods are nonrivalrous in consumption whereas private goods are rivalrous in consumption.
Which of the following describes the goal of labor unions?
a. Changing the balance of negotiations between employers and employees b. Lobbying federal, state, and local governments for employee benefits c. Requiring employers to address the needs of individual employees d. Redistributing wages and benefits among union members
In 2005, the percentages of mortgages that were considered sub-prime:
a. increased dramatically.
b. increased minimally
c. decreased minimally.
d. decreased dramatically.