Consumers will always pay the entire amount of a specific tax whenever
A) demand is perfectly inelastic.
B) supply is perfectly elastic.
C) Both A and B above.
D) Either A or B above but not at the same time.
C
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If wheat can be produced at a constant opportunity cost, then the supply of wheat is
A) elastic. B) inelastic. C) unit elastic. D) perfectly inelastic. E) perfectly elastic.
The evidence usually cited to prove that globalization hurts workers in developing countries
A) is inconclusive due to poor statistical design of the underlying samples. B) is inconclusive due to the poorly funded Central Statistical Office of Mexico. C) is inconclusive due to the ambiguous theoretical implications of the findings. D) is conclusive. E) does not take into account the Heckscher-Ohlin model.
List and briefly describe the 4 categories of expenditures included in GDP
What will be an ideal response?
Refer to the above figure. If a price floor of $5 was set
A) the quantity sold would be 80 units. B) the quantity sold would be 60 units. C) the quantity demanded would be 100 units. D) there would be a shortage of 20 units.