Suppose the demand for specialty car license plates is perfectly inelastic and the supply curve for specialty license plates is upward sloping. A tax is imposed on specialty license plates. Which of the following is true?
A) Drivers pay the smallest share of the tax.
B) Drivers pay none of the tax.
C) Drivers pay all of the tax.
D) The government pays all of the tax.
E) The government collects nothing in tax revenues.
C
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In general, one would expect that life expectancies reflect international differences in income levels. Do the data support such a claim?
A) Average life span falls as relative poverty falls. B) Average life span increases as relative poverty falls. C) There is no statistically significant relationship between the two. D) The relation is not very strong. E) The relationship looks more like a U-shape.
The story of the prisoners' dilemma contains a general lesson that applies to any group trying to maintain cooperation among its members
a. True b. False Indicate whether the statement is true or false
The more inelastic the demand for a product, the larger the share of the tax that will be paid by consumers.
Answer the following statement true (T) or false (F)
Collusion:
A) is necessary to achieve an outcome better than a Nash equilibrium. B) is legal in the United States. C) always results in a Nash equilibrium. D) eliminates cheating.