Ad valorem taxation
A) refers to the personal income tax.
B) is used to tax goods but not services.
C) is assessed by charging a tax rate as a fraction of the market price of a good.
D) is a tax that is applied only to cigarettes and alcohol.
C
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Local governments receive around _____ of their total revenue from intergovernmental transfers
a. fifteen percent b. twenty-five percent c. thirty-five percent d. forty-five percent
Economists view the fact that Florida grows oranges, Texas pumps oil, and California makes wine as
a. confirmation of the virtues of free trade. b. confirmation of the infant-industry argument. c. confirmation that free trade agreements are not necessary. d. confirmation that specialization in absolute advantage works.
For which of the following would the absolute price elasticity of demand be greatest?
A) salt B) tickets to the Super Bowl C) Dr. Pepper cola D) gasoline
Which of the following is not typically true of Employment Protection Legislation (EPL)?
a) countries with strong EPL have low unemployment rates b) EPL reduces part-time work and labor force participation rates c) EPL reduces the layoff rate d) EPL reduces the duration of unemployment e) EPL benefits the employed at the expense of the unemployed