Ad valorem taxation
A. refers to the personal income tax.
B. is assessed by charging a tax rate as a fraction of the market price of a good.
C. is used to tax goods but not services.
D. is a tax that is applied only to imported goods.
Answer: B
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Money income is
A) market income plus cash payments from government. B) equal to market income. C) market income plus cash payments from government minus taxes. D) market income minus taxes.
Refer to Figure 7-3. What is the value of domestic producer surplus after the imposition of a quota?
A) $10.75 million B) $15.75 million C) $17.25 million D) $27.75 million
Which of the following is not a potential source of monopoly?
a. patents b. economies of scale c. competitive tactics d. civil rights
The potential for redistribution cannot be exaggerated
Indicate whether the statement is true or false