A customs duty is
a. not a tax
b. a progressive tax with respect to income
c. a regressive tax with respect to income
d. a proportional tax with respect to income
e. a proportional tax with respect to wealth
C
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Which of the following is NOT a component of value added of a firm?
A) profits B) wages C) interest D) expenditures on intermediate goods
The economizing process (choosing from among alternatives to maximize benefits)
A) applies only to consumers. B) applies only to privately-owned firms. C) applies only to producers. D) is the same for producers as it is for consumers.
With no change in labor productivity, what would happen to the real wage rate and potential GDP if the population increased?
What will be an ideal response?
Suppose that the price elasticity of demand for an ice cream cone is -1.9 . If the local ice cream shop owner wants to increase total revenue, what would you recommend he or she do?
What will be an ideal response?