The tax on cigarettes is an example of
a. a consumption tax.
b. a corrective tax.
c. an income tax.
d. a command-and-control policy.
b
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If a firm finds that its marginal cost is greater than its price, it
A. Should increase production. B. Is maximizing its profit. C. Is maximizing its total revenue. D. Should reduce production.
Highly concentrated markets have a large number of price-taking firms.
Answer the following statement true (T) or false (F)
Which of the following summarizes the transactions involving the international exchange of goods and services, investment income, and other miscellaneous transactions?
A. Balance of trade B. Statistical discrepancy C. Current account D. Capital account
A craft union can raise union members' wages by restricting labor supply through high initiation fees, long apprenticeship periods, or difficult qualifying requirements
Indicate whether the statement is true or false