We can describe who bears the burden of a tax by using the concept of:
A. marginal burden.
B. incidence.
C. payee.
D. marginal tax rate.
B. incidence.
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Which of the following statements is true about monopolistically competitive firms?
A) Like perfectly competitive firms, monopolistically competitive firms are not able to raise prices without losing all of their customers because they face competition from firms selling similar products. B) Unlike perfectly competitive firms, monopolistically competitive face perfectly inelastic demand curves. C) Like perfectly competitive firms, monopolistically competitive firms maximize their profits by setting price equal to marginal cost. D) Unlike perfectly competitive firms, monopolistically competitive firms are able to raise their prices without losing all of their customers.
Which of the following is a basic problem with the infant-industry argument?
What will be an ideal response?
Which statement is true?
A. OPEC produces and exports over 90 percent of the world's oil. B. Saudi Arabia is the most important member of OPEC. C. OPEC has no influence over the price of oil. D. The U.S. imports only a tiny fraction of the oil it uses.
The unemployment rate equals the number of people:
A. unemployed. B. unemployed divided by the labor force. C. unemployed divided by the number employed. D. unemployed plus discouraged workers divided by the labor force.