A sales tax applied to a foreign good or service is known as a(n)
a. progressive tax
b. unit tax
c. excise tax
d. external tax
e. customs duty
E
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An outcome in which all players choose the best strategy they can, given the choices of all other players, is called:
A. a dominant strategy. B. collusion. C. a Nash equilibrium. D. the prisoner's dilemma.
Taxes cause deadweight losses because they prevent buyers and sellers from realizing some of the gains from trade
a. True b. False Indicate whether the statement is true or false
Monetarists advocate that the
A. money supply should be increased during inflation and reduced during recession. B. money supply should be reduced during inflation and increased during recession. C. money supply should be increased by a constant rate year after year. D. counter cyclical approach to fiscal policy be adopted.
What can we say about APC + APS and MPC + MPS?
A. MPC + MPS = 100% of total income. B. APC + APS = 100% of the change in income. C. Each must sum to 1. D. MPC + MPS always equals 1, but the sum of APC + APS can vary.