Which of the following are considered ad valorem taxes?
A. taxes based on the amount of debt that the government must repay
B. taxes assessed by charging a flat amount per unit purchased
C. taxes assessed by charging a rate equal to a percentage of an item's price
D. taxes based on the amount of spending the government will undertake
Answer: C
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Refer to the payoff matrix below. If Healthy Snacks is known for consistently bringing new products to the market and this is the focal point, what is the equilibrium of the game using the focal point criterion?
Healthy Snacks and Best Treats are two firms competing in the health food snacks market. Both are considering introducing a new health food snack made purely of dried power fruits. The payoff matrix shows their net economic profit in millions for the different strategies.
A) Best Treats Introduce and Healthy Snacks Introduce.
B) Best Treats Do Not Introduce and Healthy Snacks Do Not Introduce.
C) Best Treats Do Not Introduce and Healthy Snacks Introduce.
D) Best Treats Introduce and Healthy Snacks Do Not Introduce.
Which of the following would be counted as a final good for inclusion in GDP?
a. A piece of glass bought this year by a consumer to fix a broken window. b. A sheet of glass produced this year by Ford for windows in a new car. c. A tire produced this year and sold to a car maker for a new car sold this year. d. None of these would be counted in GDP.
If the production possibilities curve in France is bowed out and the curve in Spain is a straight line, then we know that
a. no trade can take place between France and Spain b. the terms of trade will always be in favor of France c. the terms of trade will always be in favor of Spain d. the law of increasing costs apply to France but not to Spain e. the law of increasing costs apply to Spain but not to France f. the opportunity costs of producing goods in France are constant
Suppose there are 3 possible outcomes to a vote: A, B, and C. If voters prefer A to B, B to C, and C to A, which of the following concepts are violated?
a. Transitivity b. Arrow's impossibility theorem c. Median voter theorem d. None of the above concepts are violated.