A payment to the government on the production or sale of a good:
a. subsidy
b. supply schedule
c. law of supply
d. elasticity of supply
e. excise tax
Answer: e. excise tax
Economics
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If an increase in income leads to a decrease in the demand for salami, then salami is
A) a necessity. B) a neutral good. C) a normal good. D) an inferior good.
Economics
Refer to Figure 3-2. A technological advancement would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
Economics