________ is a tax on a stock, while ________ is a tax on a flow.
A. A tax on your salary; a retail sales tax
B. A local property tax; a tax on your salary
C. A payroll tax; a local property tax
D. A retail sales tax; a payroll tax
Answer: B
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For a product with external benefits that is produced in a competitive, unregulated market, how can the resulting market output be described?
A) underproduction compared to the efficient level B) overproduction compared to the efficient level C) production equals the efficient level D) Underproduction or overproduction are both possible depending on whether the external benefit is to consumption or production. E) None of the above is correct.
Central banks intervene in the foreign exchange market
A) to smooth out currency fluctuations. B) to facilitate the transfer of goods and services internationally. C) to conduct foreign exchange operations for central governments. D) All of the above.