-31, which is NOT a type of State and Local Tax a. Income Tax. b. Property Tax.
ID: 1129132 • Letter: #
Question
-31, which is NOT a type of State and Local Tax a. Income Tax. b. Property Tax. c. Import tax. d. Sales Tax. 32. Which is NOT a class of taxes a. Regressive Taxes b. Conservative Taxes c. Progressive Taxes d. Proportional Taxes 33. The stock of kmowledge, skill, and talents that people possess would be called a. External benefits. b. Aggregate skills. Human capital. c. d. All of the above. 34. Under perfect competition a. Resources are allocated among firms efficiently b. Final products are distributed among households efficiently. c. The system produces the things that people want d. All of the above An index of market concentration found by summing the square of percentage shares of firms in the market is called the a. Walker-Keynes Index. b. Market Share Index. c. Market Size Index. d. Herfindahl-Hirschman Index. 35. 36. A firm in Monopolistic Competition has what kind of short-run demand curve? a. b. c. A horizontal demand curve A downward sloping demand curve An upward sloping demand curve. d. None of the above 37. In an Oligopoly, when one firm leads the way in changing prices it is called a. Price Cartel. b. Price Initiation. c. Price leadership. d. Early Price adoption. 38. A game in which the players are prevented from cooperating and in which each has a dominant strategy t leaves them both worse off than if they could cooperate is called a- The Cartel Game b. The Prisoners Dilemma c. The Managers Dilemma. d. The Losers Game.Explanation / Answer
31) Which is not a type of Social and Local tax?
Solution: Import tax
Explanation: Social and local taxes includes Income/payroll taxes; Sales tax; Property taxes
32) Which is not a class of taxes?
Solution: conservative taxes
Explanation: Tax systems mainly fall into three categoriesnamely regressive, proportional and progressive taxes.
33) The stock of knowledge, skills and talents that people possess would be called
Solution: Human Capital
Explanation: The stock of knowledge, skills and talents that people possess would be called human capital; and people who possess high human capital normally get paid more
34) Under perfect competition
Solution: All of the above
Explanation: Under perfect competition the resources are allocated efficiently among firms and the output is distributed efficiently among households
35) An index of market concentration found by summing the square of percentage shares of firm in the market is called the
Solution: Herfindahl-Hirschman Index
Herfindahl-Hirschman Index is an index of market concentration derived by summing the square of the market share of each participant in the specific market
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