Disadvantages faced by the South in fighting the Civil War include
a. an inadequate supply of free, military-aged males.
b. limited industrial capacity.
c. shortages of horses and mules.
d. the lack of an effective administrative machinery for tax collection.
e. All of the above.
e. All of the above.
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An indirect tax is a tax paid by consumers
A) to a state or local government. B) when they purchase goods and services. C) on unearned income (as opposed to wages and salaries). D) that is a percentage of the value of their real property.
If a firm faces a horizontal demand curve, marginal revenue
a. is constant regardless of how much output the firm produces b. decreases as the firm produces more output c. increases as the firm produces more output d. decreases if the firm produces less output e. is less than price at most possible output levels
What is the difference between short-run equilibrium and long-run equilibrium in the goods and services market?
When firms have an incentive to exit a competitive market, their exit will
a. lower the market price. b. necessarily raise the costs for the firms that remain in the market. c. raise the profits of the firms that remain in the market. d. shift the demand for the product to the left.