If supply is perfectly elastic, a sales tax imposed on sellers is paid by
A) only the buyers.
B) only the sellers.
C) both the buyers and sellers.
D) None of the above answers is correct.
A
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An increase in the demand for labor will ________ wages and ________ employment
A) increase; increase B) increase; decrease C) decrease; increase D) decrease; decrease
If the supply curve shifts to the right, how does this affect the market for product A?
a) A higher equilibrium price and a higher equilibrium quantity. b) A lower equilibrium price and a lower equilibrium quantity. c) A higher equilibrium price and a lower equilibrium quantity. d) A lower equilibrium price and a higher equilibrium quantity.
Economists
A) describe reducing tariffs and quotas as shallow integration. B) describe reducing tariffs and quotas as deep integration. C) believe that changing domestic policies affecting trade is a relatively simple process. D) believe that the work of reducing trade barriers is done since most tariffs are low and most quotas eliminated.
Suppose the production function for T-shirts can be represented as q = L0.25K0.75. Show that the isoquants for this function are convex
What will be an ideal response?