The term tax incidence refers to
A. widespread view that taxes (and death) are the only certainties in life.
B. whether the demand curve or the supply curve shifts when the tax is imposed.
C. the distribution of the tax burden between buyers and sellers.
D.whether buyers or sellers of a good are required to send tax payments to the government.
C. the distribution of the tax burden between buyers and sellers.
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Preferences can be described as
A) what a person likes and dislikes. B) the income opportunities of several activities. C) feasible consumption combinations. D) the relative prices of goods and services.
If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.
A) supply; parallel shift to the right by $25 B) demand; parallel shift to the right by $25 C) demand; parallel shift to the left by $25 D) demand; parallel shift to the right by less than $25
The purchasing power parity theory of exchange rate determination maintains that
a. the exchange rate between two nations' currencies is determined by the percent of gold that backs each nation's currency. b. the exchange rate between two nations' currencies adjusts to reflect differences in the price levels in the two nations. c. in the short run, exchange rates are determined by central bank intervention in the currency markets. d. the exchange rate between two currencies is determined by the debt that each nation owes to the World Bank.
All of the following are indicators of a nation's standard of living except
A. infant mortality rate. B. life expectancy. C. literacy rate. D. the inflation rate measured by CPI.