If the federal government imposes a new tax on golf clubs, that tax
A) encourages people to take up golf.
B) encourages people to buy more golf balls.
C) encourages fewer people to play golf.
D) discourages people from switching from playing tennis to playing golf.
C
Economics
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________ marginal opportunity cost implies that the more resources already devoted to any activity, the payoff from allocating yet more resources to that activity increases by progressively smaller amounts
A) Constant B) Increasing C) Decreasing D) Negative
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Which of the following is true?
A) National income = Consumption - Savings + Taxes B) National income = Consumption + Savings + Taxes C) National income = Consumption + Savings - Taxes D) National income = Consumption - Savings - Taxes
Economics