Indirect business taxes include all of the following EXCEPT
A. taxes on business equipment.
B. sales taxes.
C. taxes on corporate profits.
D. taxes on business property.
Answer: C
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Following the tariff imposed on Chinese tires, some businesspeople correctly argued that the U.S. tariff would result in
A) China retaliating by raising tariffs on some U.S. exports. B) China halting the sale of all products in the United States. C) U.S. firms never being able to meet the demand for U.S.-produced tires. D) the government demanding price cuts from U.S. tire manufacturers.
The above figure shows the U.S. market for replacement cell phone batteries. Area B + area D is the
A) tariff revenue. B) decrease in consumer surplus due to the tariff. C) deadweight loss from tariff. D) increase in producer surplus due to the tariff. E) gain in total surplus due to the tariff.
What does the sign (positive/negative) of the cross elasticity of demand tell us about the relationship between two goods?
What will be an ideal response?
If the AVC is $12, the AFC is $4, the AR is $20, and output is 6,000 units, the total profit is
a. $72,000. b. $48,000. c. $24,000. d. negative $96,000.