A tax on ________ would impose the smallest excess burden on an individual.
A. all fast food sandwiches
B. an Egg McMuffin
C. all fast food breakfast sandwiches
D. all McDonald's breakfast sandwiches
Answer: A
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Does the term "mandatory spending" mean that spending must go on forever?
A) Yes, Congress has no right to change these spending programs. B) Yes, the laws which authorized this spending cannot be changed. C) No, once appropriated, spending is for the life of the program only or until it changes. D) Yes, once appropriated, spending is indefinite.
Graphically, market supply for a product:
A. is the horizontal difference of the individual supply curves. B. is the horizontal sum of the individual supply curves. C. is the vertical difference of the individual supply curves. D. is the vertical sum of the individual supply curves.
Give an example of two products that are substitutes. Explain why they are substitutes.
What will be an ideal response?
A group of buyers and sellers of a particular good or service is known as
a. coalition. b. partnership. c. market. d. union