In Country X, the government requires employers to collect 9 percent of every employee’s compensation as payroll tax. This is an example of
A. progressive tax.
B. regressive tax.
C. digressive tax.
D. proportional tax.
Answer: D
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A durable good is product that
A) holds up well under abuse. B) has had the same design over a long period of time. C) is purchased only once. D) is usable over a long period of time.
Transferrable pollution permits make pollution reduction______.
a. unnecessary b. illegal c. expensive d. profitable
In 2005 Hurricane Katrina hit the Gulf Coast and especially the city of New Orleans. Most oil production off the Gulf Coast came to a halt. If the impact of this was to reduce oil production by 10% and the Eo for oil was -0.2, what was the likely % change in oil prices as a result?
a) +10% b) +2% c) +5% d) +50% e) +20%
Suppose the perfectly competitive equilibrium occurs such that too many units of the good are produced. This is an example of
A) marginal cost pricing. B) market failure. C) firms have not yet exited the industry. D) greedy business people behaving in an inappropriate manner.