Ad valorem taxes
A) are not used in the United States.
B) are paid as a fixed percentage of a good's unit price.
C) are based on income levels.
D) are accessed based on the costs of producing the goods or services.
Answer: B
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Suppose the quantity of gasoline is measured in gallons and the price of gasoline is measured in dollars. The price elasticity of demand is 0.67
If the price of gasoline was now measured in cents rather than dollars, the price elasticity of demand would now be A) 0.0067. B) 0.67. C) 6.7. D) 67.0.
In order to make reliable forecasts with time series data, all of the following conditions are needed with the exception of
A) coefficients having been estimated precisely. B) the regression having high explanatory power. C) the regression being stable. D) the presence of omitted variable bias.
An example of an explicit cost for the owner of a tattoo parlor would be the wages that she could earn if she worked as a graphic artist for an advertising agency
a. True b. False Indicate whether the statement is true or false
Owning a patent can provide a firm with monopolistic power.
Answer the following statement true (T) or false (F)