online.smc.edu 2018 Smr-ACCTG 2 (1010) [1.81-Huang-(O) ??: Qu3 A 809:43 ?? as 10
ID: 1162704 • Letter: O
Question
online.smc.edu 2018 Smr-ACCTG 2 (1010) [1.81-Huang-(O) ??: Qu3 A 809:43 ?? as 10 True False questions regarding Chapters 5, 6, 7,8, 12 (this week's material and Ch tweek in the Mankiw text). Reviewing Handouts 3 and 4 and Partial Notes 2a posted on vas Site before opening the quiz will be useful. Students will have two tries with the score counting. It is due Sunday 7/8 by 11:59 PM. ??2 1? To be "binding" or "effective" a price ceiling must be above the free market equilibrium price. True False ??? ???. ???!???? B.
Explanation / Answer
2) Binding price ceiling occurs when at this price supply become less than demand. And it is possible when the price is below the market equilibrium price. So the statement is FALSE
3) Tax rate=(tax expenses)/total income. that is the given statement is TRUE.
4) Average tax=total amount of tax/total income. So the given statement is TRUE.
5) Any straight line supply curve out of origin must not have slope 1. If the slope is 1 then the elasticity will be 1. But if it is not equal to 1 then elasticity will be different. So the given statement is FALSE.
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