All else equal, when oil prices increase, some uneconomical sources of oil tend to become more economical, and this will ________ proven reserves of oil and ________ the number of years it will take to deplete the stock of oil
A) increase; increase
B) increase; decrease
C) decrease; increase
D) decrease; decrease
A
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________ is a tax on a stock, while ________ is a tax on a flow.
A. A tax on your salary; a retail sales tax B. A retail sales tax; a payroll tax C. A payroll tax; a local property tax D. A local property tax; a tax on your salary
If the price changes for a good for which the demand is perfectly inelastic, the response will be infinitely large.
Answer the following statement true (T) or false (F)
Which of the following statements is TRUE of static tax analysis?
A) A government receives lower tax revenues by raising the tax rate. B) A government receives higher tax revenues by raising the tax rate. C) A government cannot change it tax revenues by changing the tax rate. D) A change in the tax rate can raise or lower tax revenues, depending on other factors.
If the marginal benefit were greater than the cost of a good:
A. consumers could increase their utility by buying more. B. consumers could increase their utility by buying less. C. producers should decrease production. D. social net benefit would be maximized.