The government proposes a tax on halogen light bulbs. Sellers will bear the entire burden of the tax if the
A) demand curve for halogen bulbs is vertical.
B) demand curve is downward sloping and the supply curve is upward sloping.
C) supply curve of halogen bulbs is horizontal.
D) demand curve for halogen bulbs is horizontal.
D
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Intertemporal decisions are
a. decisions in one period of time. b. decisions over time. c. decisions made without thinking about time. d. decisions involving infinity.
Describe the sequence of events that real business cycle theorists would use to explain how an adverse supply shock would impact the economy. Use your answer to explain why it is easy to confuse cause and effect between changes originating on the supply side and those that begin on the demand side
The elimination of import restrictions will
A. Redistribute income from import-competing industries to export industries. B. Redistribute income from domestic to foreign producers. C. Alter the mix of output from export industries to import-competing industries. D. Alter the mix of output from export industries toward domestic industries.
Property rights allowing individuals to own goods, services, and factors of production are most important in:
A. socialistic economies. B. planned economies. C. capitalistic economies. D. command economies.