Laffer curve
What will be an ideal response?
A graph showing the relationship between the size of a tax and the tax revenue collected.
You might also like to view...
If there are open first-class seats available on a particular flight, some airlines allow customers with coach (discount) tickets to upgrade to first-class tickets during the electronic check-in process
Suppose the regular price of a first-class ticket is $800, the total price of the upgrade ticket (original price plus the upgrade) is $400, the marginal cost of serving both types of customers (full-fare and upgrade first-class flyers) is $100, and the airline maximizes profits. Which of the following statements is true? A) MR for the full-fare customers must be higher than the MR from upgrade customers. B) MR for the full-fare customers may be higher or lower than the MR from upgrades. C) MR = MC for the full-fare customers, but the airline is willing to collect any positive amount from the upgrade customers. D) MR must be the same for both full-fare and upgrade customers.
Which is characteristic of a traditional economy?
a. Communities tend to be fast-growing. b. They are usually based on light industrial production. c. They have a high standard of living. d. Children tend to have the same jobs as their parents did.
Describe the condition that would have a call option in the money. Now describe the condition that has a put option out of the money.
What will be an ideal response?
Which of the following is NOT true according to Say's law?
A) Producing goods and services generates the means and the willingness to purchase other goods and services. B) Desired expenditures will always be higher than actual expenditures. C) Supply creates its own demand. D) No overproduction is possible in a market economy in the long run.