Excise taxes _____
a. can be ad valorem taxes
b. can be unit taxes
c. are taxes placed on particular types of goods
d. all of the above
e. b and c
d
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Which of the following is included in U.S. GDP?
i. the rental value of homes owned by U.S. citizens ii. the production of Suburban SUVs by GM in its plant in Mexico iii. tickets sold by U2 for concerts held in the United States A) ii only B) ii and iii C) i, ii and iii D) i and iii E) i only
If a country lends more to foreign countries than it borrows from foreign countries in a year, then definitely during that year
A) it has a current account deficit. B) it is a creditor nation. C) it is a debtor nation. D) it is a net lender.
At a perfectly competitive equilibrium with production and trade, the slope of the production possibility curve will be
A) equal to the slope of the price line faced by the consumers. B) steeper than the slope of the price line faced by consumers. C) flatter than the slope of the price line faced by consumers. D) either steeper or flatter than the price line faced by the consumers, depending upon the relative preferences of the consumers.
A typical behavior that violates the assumption of rational behavior is:
A. saying you want to lose weight, but ordering dessert. B. being willing to pay more for something if you use a credit card than if you use cash. C. stubbornly watching to the end of a movie you've decided you're not enjoying at all. D. All of these demonstrate irrational behavior.