The excise tax is
A. proportional.
B. an ability-to-pay tax.
C. progressive.
D. regressive.
Answer: D
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Which of the following is associated with classical growth theory?
I. Growth in real GDP can continue indefinitely. II. Technological growth increases as the population grows. III. Population explosions bring real GDP per person back to subsistence levels. A) I B) II C) III D) I and III
The use of a dollar bill to buy a concert ticket represents the function of money as a:
a. medium of exchange. b. unit of account. c. store of value. d. all of these.
I frequently buy something which then has a rebate offer attached. I must fill in all the information requested, send off the form and then wait 8 weeks for the rebate. This practice is referred to as
A. a profit maximizing markup. B. network economics. C. exclusive contracting. D. the hurdle model of price discrimination.
For a given decrease in demand, the effect on price is largest and the effect on quantity exchanged smallest when: a. supply is perfectly elastic
b. supply is elastic. c. supply is unit elastic. d. supply is perfectly inelastic.