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.
B
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Other things remaining the same, which of the following is likely to happen if there is a decrease in the price of flour products?
A) There will be a decrease in both the wage rate and the employment levels in the flour industry. B) There will be an increase in both the wage rate and the employment levels in the flour industry. C) There will be an increase in the wage rate and a decrease in the employment levels in the flour industry. D) There will be a decrease in the wage rate and an increase in the employment levels in the flour industry.
When comparing short-run average total cost with long-run average total cost at a given level of output,
a. short-run average total cost is typically above long-run average total cost. b. short-run average total cost is typically the same as long-run average total cost. c. short-run average total cost is typically below long-run average total cost. d. the relationship between short-run and long-run average total cost follows no clear pattern.