If a $10 sales tax is imposed on a good and the equilibrium price increases by $10, the tax is
A) split between buyers and sellers but not evenly.
B) paid fully by sellers.
C) paid fully by buyers.
D) split evenly between buyers and sellers.
E) perhaps split between buyers and sellers but it is impossible to determine the incidence without further information.
C
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The price elasticity of demand measures which of the following?
A) the slope of the demand curve B) the rate at which demand changes when price changes C) how responsive the quantity demanded is to changes in price D) the percentage-slope of the demand curve E) None of these correctly defines what price elasticity of demand measures.
Is every product produced in the United States included in U.S. gross domestic product?
What will be an ideal response?
The CPI in 1990 was 131, and the CPI in 2010 was 218. If you earned a salary of $40,000 in 1990, what would be a salary with equivalent purchasing power in 2010?
A) $45,977 B) $66,565 C) $87,200 D) $143,486
The future of any region dependent on export industrial growth is influenced by:
(a) the region's natural endowment at given technology levels. (b) the character of the export industry. (c) subsequent changes in technology and transport costs. (d) all of the above.