The tax imposed on gasoline
a. is an example of a product charge
b. has no effect on consumption
c. is used exclusively in the United States
d. is set at a relatively high rate in the United States
a. is an example of a product charge
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Suppose you learn that in 1900, households spent about 40 percent of their budget on food, and today, they spend about 10 percent of their budget of food. All else equal, this suggests that the price elasticity of demand for food:
A. is probably negative. B. is probably higher now than it was in 1900. C. is probably lower now than it was in 1900. D. has always been very high.
A monopolist that chooses price
A) necessarily produces less than a monopolist that chooses quantity, hence the laws against price fixing. B) produces the same amount as a monopolist that chooses quantity. C) produces more than a monopolist that chooses quantity, thus the irony of laws against price fixing. D) could produce more or less than a monopolist that chooses quantity since the demand curve is not specified.
There are certain variables that are so obviously related to past crises that they may serve as warning indicators of potential future crises. Identify one such variable from the following
a. Barriers to trade b. Short-term international investment c. Flexible exchange rates d. Rising international reserves e. Fluctuating share prices
According to the mathematical laws that govern the relationship between average total cost and marginal cost, where must these two curves intersect?