If not all goods are essential, a consumer will end up optimizing at a corner solution.
Answer the following statement true (T) or false (F)
False
Rationale:
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Sales taxes are
A) assessed on the prices paid on a large set of goods and services. B) levied on purchases of a particular good or service. C) based on each individual taxpayer's income level. D) collected only by the U.S. government.
Explain the role of economic freedom in economic development
What will be an ideal response?
Industry A has market shares of 50, 30, and 20 . Industry B has market shares of 45, 40, and 15 . where si is the market shares of the i-th firm in the industry
a. The Herfindahl index for A is 100. b. The Herfindahl index for A is 3,800. c. The Herfindahl index for B is 3,600 d. The Herfindahl index for A is greater than for B. e. The Herfindahl index is for B is 4,000.
The owner of an oil well in Texas sells 500 barrels of oil to a refinery in Canada for $1,000. This transaction
A. decreases Gross Domestic Product (GDP) because oil reserves have fallen by 500 barrels. B. has no effect on Gross Domestic Product (GDP) because this is the sale of an intermediate product. C. has no effect on Gross Domestic Product (GDP) because the refinery is in Canada. D. will increase Gross Domestic Product (GDP) by $1,000.