Which of the following is an example of a tax based on the benefits principle?
a. An income tax
b. A lump-sum tax assessed on household in town to finance the construction of soccer fields
c. A gasoline tax imposed by a city to be used to upgrade facilities local high school
d. A toll road
d
Economics
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Trade between two nations can benefit both if each specializes in the good that it can produce at a lower opportunity cost.
a. true b. false
Economics
If price of product A increases by 10%, and the quantity demanded for product B drops by 50%, then these two products are
A) substitutes. B) complements. C) normal goods. D) inferior goods.
Economics