The Volumetric Ethanol Excise Tax Credit (VEETC) is a tax credit for registered ethanol-gasoline blenders. Qualified blenders receive $0.51 for each gallon of pure ethanol they blend into gasoline. VEETC is an example of a
A) subsidy.
B) price floor.
C) price ceiling.
D) quota.
A
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When neither player in a game would want to deviate from a particular outcome, taking the opponent's behavior as given, the outcome is
a. a Stackelberg equilibrium. b. Pareto optimal. c. a Nash equilibrium. d. a dominant strategy.
GDP counts only final goods and services because this
A) method avoids including any goods that are produced this year and sold next year. B) method avoids double counting of goods going through several stages of production. C) amount can be more easily determined in the marketplace. D) method avoids understating the value of GDP produced during a given year.
Refer to Exhibit 6-2. The labor force participation rate in year 4 is
a. 12 1/2 percent. b. 72 percent. c. 87 1/2 percent. d. 30 percent. e. 80 percent.
About ____ of the world's population subsists on no more than $2 a day.
A. one tenth. B. one quarter. C. one third. D. one half.