Ad valorem taxation means
A) that only the value added by a service provider is taxed.
B) that the tax rate is a percentage of the price paid for a product.
C) a negative income tax.
D) a progressive property tax imposed in some states.
Answer: B
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Refer to the table above, which gives five points on a nation's PPF. As we increase the production of X,
A) the output of Y increases. B) unemployment increases. C) the opportunity cost of each new unit of X increases. D) the opportunity cost of each new unit of X decreases.
Figure 3-11
In , suppose D1 and S1 indicate initial conditions in the market for kitchen cabinets. Which of the following would tend to cause the supply curve to shift from S1 to S2?
a.
the invention of "folding" plates and cups that take up substantially less storage space in the kitchen
b.
a decrease in consumer income
c.
a decrease in the price of wood, a resource used to produce kitchen cabinets
d.
an increase in the price of steel hinges, a resource used to produce kitchen cabinets