Excise tax is often considered unfair because of its high level of ______.
a. elasticity
b. regressiveness
c. progressiveness
d. complexity
b. regressiveness
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Which of the following types of economic regulation is most likely to encourage firms to inflate their costs?
A) price cap regulation B) rate of return regulation C) cartel regulation D) earnings sharing and price cap regulation
It is interesting to note that several countries around the world actually make voting compulsory.According to the CIA's World Factbook, as of August 2013, voting is mandatory in 22 countries
Although this law is not enforced in many of these countries, in several nations citizens who do not comply are subject to fines. Give arguments for and against making voting compulsory.
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
In a long-run equilibrium in a perfectly competitive market, firms are selling at a price equal to average cost
a. True b. False Indicate whether the statement is true or false