Average tariff rates are highest for
A) high-income countries.
B) middle-income countries.
C) low-income countries.
D) industrialized countries.
C
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A decrease in the price of pork will result in
A) a smaller quantity of pork supplied. B) a decrease in the demand for pork. C) a larger quantity of pork supplied. D) an increase in the supply of pork.
The income effect associated with an income tax occurs because the individual has to work more to make up for the income paid in taxation
a. True b. False
In contrast to government research and development, private sector R&D has: a. more impact on productivity since most government R&D focuses narrowly on military applications
b. more impact on productivity since most government R&D focuses narrowly on the service sector. c. more impact on productivity since most government R&D focuses narrowly on not-for-profit activities. d. less impact on productivity since the government is more motivated and able to hire better people and facilities. e. less impact on productivity since firms tend to hold back on research when results are easily copied.
The government proposes a tax on flowers in order to boost its revenue. If the elasticity of demand is 1.3 and the elasticity of supply is 0.7: a. Consumers will bear the majority of the burden of the tax
b. Producers will bear the majority of the burden of the tax. c. Consumers and producers will bear equal shares of the burden of the tax. d. It does not tell us enough to reveal whether consumers or producers will bear most of the burden of the tax.