Which of the following was the chief source of federal revenues throughout most of the nineteenth century?
a. Income taxes
b. Property taxes
c. Tariffs
d. Inheritance taxes
c. Tariffs
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A person keeps $500 in his home in order to be prepared for some unforeseen future event. This reflects his
A) speculative demand for money. B) asset demand for money. C) liquidity demand for money. D) precautionary demand for money.
Suppose a ski resort decides to sell its lift tickets "below cost" all season long, charging $20 per day as opposed to $30 per day. In principle, how would each ticket sale affect GDP?
A) GDP would fall by $10. B) GDP would rise by $10. C) GDP would rise by $20. D) GDP would rise by $30 after the appropriate cost-price adjustment has been made.
Suppose the marginal product of the second worker hired by a firm is 3, and the price of the last unit produced is $7 . Which of the following is true of the marginal revenue product of the second worker?
a. It must equal $21. b. It must be less than or equal to $21. c. It must be greater than or equal to $21. d. It equals $21 only if the firm is a price searcher (e.g., monopoly). e. We can conclude nothing about marginal revenue product.
Suppose Gizmo Inc. is willing to sell one gizmo for $10, a second gizmo for $12, a third for $14, and a fourth for $20, and the market price is $20. What is Gizmo Inc.'s producer surplus?
A. $56 B. $24 C. $20 D. $10