Applying supply and demand analysis, other factors held constant, the steeper the supply curve (more elastic), the larger the burden of a sales tax that is borne by the sellers
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following federal agencies is NOT engaged in social regulation?
A) Environmental Protection Agency B) Federal Trade Commission C) Food and Drug Administration D) Federal Deposit Insurance Corporation
Which of the following are not consumer durable goods? a. Automobiles
b. Washing machines. c. Air conditioners. d. Paperback books.
Assume the standard trade model with two countries (Alpha and Beta), two goods (food and drink), and two factors of production (land and labor). Further assume that Alpha is relatively labor-abundant and food is relatively land-intensive. The no-trade wage rate relative to land rents in Alpha is ________ the relative wage rate in Beta.
A. double B. equal to C. greater than D. less than
Diminishing marginal returns occur in the short run.
Answer the following statement true (T) or false (F)