Ad valorem taxation
A) refers to the personal income tax.
B) is used to tax goods but not services.
C) is assessed by charging a tax rate as a fraction of the market price of a good.
D) is a tax that is applied only to cigarettes and alcohol.
Question 2
Market failure means that
A) the strike organized by unionized employees fails to achieve its goal.
B) too many outdated products are offered for sale in the local supermarket.
C) there is overallocation or underallocation of resources to certain economic activity.
D) an unexpectedly harsh winter shuts down a factory.
Cross-sectional data showing that the amount of effort spent on personal health care increases with
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