Recall the Application about the decrease in taxes on cigarettes in several Canadian provinces in 1994 to answer the following question(s). According to this Application, after the government deceased cigarette taxes in several Canadian provinces in 1994, the price of cigarettes in these provinces decreased by roughly ________ percent.
A. 8
B. 17
C. 50
D. 88
Answer: C
You might also like to view...
Economics is a social science in the sense that it
A. rigorously examines human behavior. B. is not as scientific as physics. C. relies on historical data instead of mathematical data. D. relies on statistics instead of mathematics. E. All of these responses are correct.
In which of the following situations would a negative externality most likely be involved?
A. It is night and Kenneth is sitting in his easy chair reading a novel by John Grisham. The lamp he is reading by has only a 40-watt light bulb. He is having a hard time reading. B. Alyson lives near an airport. At five o'clock in the morning every day she can hear the airplanes taking off and it awakens her. C. Lucy went to a fancy restaurant last night and ordered the most expensive meal on the menu. She hated it. D. Richard is taking an economics class from Professor Franklin. Professor Franklin often says things that confuse Richard.
Under an oligopoly market structure, rival firms take completely independent decisions
a. True b. False Indicate whether the statement is true or false
Suppose that in October the price of a cup of cafe latte was $2.50 and 400 lattes were consumed. In November the price of a latte was $2.00 and 600 lattes were consumed. What might have caused this change?
A. The price of tea (a substitute for cafe lattes) fell. B. The price of tea (a substitute for cafe lattes) rose. C. The price of coffee beans (an input of production of cafe lattes) rose. D. The price of coffee beans (an input of production of cafe lattes) fell.