To identify the burden of a per-unit tax on consumers, we have to use the aggregate marginal willingness to pay curve whenever the underlying good is not quasilinear.
Answer the following statement true (T) or false (F)
False
Rationale: The burden of a tax is determined by actual consumer behavior -- which is measured on uncompensated demand curves.
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The burden of a tax per unit of output will fall heavily on consumers when demand is relatively ________ and supply is relatively ________
A) inelastic; elastic B) inelastic; inelastic C) elastic; elastic D) elastic; inelastic
In 2015, the labor force participation rate was 62.6 percent. This means that:
A. 62.6 % of all working age people wanted a job. B. there was 37.4 % unemployment. C. 62.6 % of all working age people were employed. D. only 62.4 percent of labor force was in working age population.
A movement along the supply curve might be caused by a change in
a. production technology. b. input prices. c. expectations about future prices. d. the price of the good or service that is being supplied.
If you knew that the intercept for a straight line was 12, and that if the value of the independent variable was 3 the value of the dependent variable would be 18, then the slope of the line would be:
A. 1 B. 2 C. 3 D. 4