Sales taxes are
A. assessed on the prices paid on a large set of goods and services.
B. based on each individual taxpayer's income level.
C. levied on purchases of a particular good or service.
D. collected only by the U.S. government.
Answer: A
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In Lutheria, there are 10,000 people in the age group of 0-14, 30,000 people are employed, and 2,000 people are unemployed. Lutheria's GDP, measured in luthers, is 1 billion. Income per worker in Lutheria is:
A) 33,333 luthers. B) 23,667 luthers. C) 28,999 luthers. D) 10,000 luthers.
Of the following, which is the least likely to be an example of substitute goods?
A) beer and pretzels B) margarine and butter C) beef and chicken D) tea and coffee
Which of the following is a determinant of supply?
A) tastes and preferences of consumers B) technology C) consumer income D) number of consumers
One result of asymmetric information in health insurance markets is
a. an optimal number of insurance policies sold. b. adverse selection. c. externalities in consumption. d. a low marginal benefit of additional information for the buyer of insurance. e. The principal-agent problem.