The ultimate distribution of a tax?s burden is the
A. tax rate.
B. tax incidence.
C. tax structure.
D. tax base.
Answer: B
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A change in the price of one good results in a rotation of the budget line around the point at which the consumer is currently consuming, so that it is steeper or flatter.
Answer the following statement true (T) or false (F)
Suppose France can produce 9,000 potatoes or 3,000 lemons per day, and that Italy can produce 3,000 potatoes or 3,000 lemons per day. Which of the following statements in this context is true?
a. France has an absolute advantage in producing lemons. b. Italy has a comparative advantage in producing potatoes. c. Italy would be willing to trade one lemon for anything greater than one potato. d. Both countries would be willing to trade at a rate of one lemon for one potato. e. France has a comparative advantage in producing lemons.
What is the "right" degree of abstraction necessary to analyze an economic problem?
a. simple abstraction of only minor details b. simple abstraction of only irrelevant details c. total abstraction of all variables d. total abstraction of all irrelevant details e. There is no "right" degree of abstraction to analyze an economic problem.
The utility we get from something:
A. is a measurement of outside perceptions and inner preferences. B. is a measurement of the benefit of consuming the good relative to the opportunity cost. C. is a measurement of our direct benefit of consuming the good. D. is a measurement of outside benefits and inner costs.