If government imposes an excise tax on a good and the tax burden is borne equally by buyers and sellers, then
A) price elasticity of demand is unitary.
B) price elasticity of supply is unitary.
C) the absolute values of price elasticities of demand and supply are equal.
D) None of the above
C
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To calculate the price elasticity of supply, we divide
A) rise by the run. B) the average price by the average quantity supplied. C) the percentage change in price by the percentage change in quantity supplied. D) the percentage change in quantity supplied by the percentage change in price.
If the educational attainment of a nation's population increases, the economy's production possibilities curve shifts inward
a. True b. False Indicate whether the statement is true or false
Two antitrust acts actively used by the U.S. government to prevent monopoly power in markets are the ________ and the ________.
A. Bergman Antitrust Act; Clayton Act B. Sherman Antitrust Act; Stapleton Act C. Sherman Antitrust Act; Clayton Act D. Bergman Antitrust Act; Stapleton Act
If the rate of exchange for a pound is $4, the rate of exchange for the dollar is ________.
A. $0.25 B. 4 pounds C. 1/4 pound D. $1.00