Grocery store gas stations often give gas discounts to their customers. What type of price discrimination is this?
A. First-degree price discrimination.
B. Second-degree price discrimination.
C. Third-degree price discrimination.
D. It is not price discrimination.
Answer: C
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An example of a regressive tax is the
A) corporate income tax. B) personal income tax. C) Social Security tax. D) state inheritance tax.
International trade between two nations increases the standard of living of both nations due to
A) specialization and gains from absolute advantage. B) specialization and gains from comparative advantage. C) high tariffs. D) political intervention.
Each of these is a basic characteristic of a capitalist economy, except
A. the institution of private property. B. central planning. C. laissez-faire. D. individuals acting in their own self-interest.
A decrease in the money supply creates an excess
a. supply of money that is eliminated by rising prices. b. supply of money that is eliminated by falling prices. c. demand for money that is eliminated by rising prices. d. demand for money that is eliminated by falling prices.