The excess burden of an excise tax is
a. greater the more inelastic the supply curve.
b. greater the more elastic the demand curve.
c. smaller the more elastic the supply curve.
d. greater the more inelastic the demand curve.
b
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In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. This tax:
a. ended the dual banking system in the U.S. b. was less than the tax on national bank notes. c. was rescinded in 1870. d. was avoided through the use of deposits.
During the period following the Revolution,:
a. the populations of the major cities increased dramatically. b. per capita exports decreased slightly for the southern states. c. per capita exports decreased sharply for the southern states. d. on average, per capita exports increased.
Each of the following is a provision of the 1996 welfare reform law except that
A. the federal guarantee of cash assistance for poor children is ended. B. the head of every welfare family would have to work within 2 years or the family would lose benefits. C. after receiving welfare for two months adults must find jobs or perform community service. D. women who have more children while on welfare will have their benefits reduced.
A bond with no expiration date has a face value of $10,000 and pays a fixed 10% interest. If the market price of the bond rises to $11,000, the annual yield approximately equals
A. 11%. B. 10%. C. 8%. D. 9%.