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Questions and Answers
Which aspect of taxation involves Normative Economics?
Which aspect of taxation involves Normative Economics?
- the incidence of the tax
- the effect of the tax on incentives to work
- the “fairness” of the tax (correct)
- all of the above
When the price of a substitute of commodity X falls, the demand for X:
When the price of a substitute of commodity X falls, the demand for X:
- rises (correct)
- falls
- remains unchanged
- any of the above
If the quantity of a commodity demanded remains unchanged as its price changes, the coefficient of price elasticity of demand is:
If the quantity of a commodity demanded remains unchanged as its price changes, the coefficient of price elasticity of demand is:
- = 1
- 0 but < 1
- >1
- = 1
_________ is concerned with welfare proposition.
_________ is concerned with welfare proposition.
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Economy’s historical performance was reflected by:
Economy’s historical performance was reflected by:
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Collectively peaks and troughs together is known as:
Collectively peaks and troughs together is known as:
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Successful business firms spend considerable time, energy, and efforts in analyzing the _________ for their products.
Successful business firms spend considerable time, energy, and efforts in analyzing the _________ for their products.
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In Oligopoly the firms may collude in order to:
In Oligopoly the firms may collude in order to:
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