Consider a good whose own price elasticity of demand is 0 and price elasticity of supply is 1. The fraction of a specific tax that will be passed through to consumers is ________
A) 0
B) 0.25
C) 0.5
D) 0.75
E) 1
E
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In Econland total output is $6 billion, population equals 250,000 people, and, of these, 200,000 are employed workers. Output per person in Econland equals ________ and average labor productivity equals ________.
A. $30,000; $30,000 B. $24,000; $24,000 C. $30,000; $24,000 D. $24,000; $30,000
Suppose the Tasty Taco Company produces tacos. The number of tacos it can produce each hour depends on the number of workers it hires, as shown in the accompanying table. In addition, each taco can be sold for 50 cents more than the cost of the ingredients needed to produce it. Number of workers per hourNumber of tacos per hour00125245360470575 What is the value of the marginal product of the 4th worker hired each hour?
A. $35 B. $70 C. $10 D. $5
Which of the following is likely to shift the current demand curve for a normal good to the right?
a. a decrease in the good's price if the good is a normal good b. an increase in the price of a complementary good c. an expectation of a shortage in the future d. a decrease in income if the good is a normal good e. an expectation of a surplus in the future
How has the U.S. growth experience compared to that of Central Europe and Africa? How has compared to the recent experience of Asian nations such as Hong Kong and Singapore
What will be an ideal response?