A tax on the value of a good or service being purchased is called the:
A. sales tax.
B. payroll tax.
C. personal income tax.
D. excise tax.
A. sales tax.
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Mark started taking guitar lessons when all his cousins started playing guitar. This is an example of ________
A) peer effect B) moral hazard C) adverse selection D) a pecuniary externality
Business cycles
a. no loner exist in the new economy. b. can be eliminated with the appropriate use of fiscal and monetary policies. c. are usually of equal intensity and length. d. are a natural consequence of the workings of a free market economy.
The following graph shows the production possibilities curve for the economy with only two members, Silvia and Art. Silvia can produce either 50 pounds of beef or 2 computers per week, and Art can produce 100 pounds of beef or 1 computer per week. Both of them work 40 weeks per year.
Silvia's opportunity cost of producing one pound of beef is ________ computer(s).
A. 25 B. 50 C. 1/50 D. 1/25
Figure 4.3 illustrates the demand for tacos. Assume that tacos are normal goods. An increase in income would bring about a movement from:
A. point a to point b. B. point c to point b. C. D2 to D1. D. D0 to D1.