If the demand for cigarettes is more ________ for underage smokers as compared to that of adult smokers, then compared to adults, a tax on cigarettes would have ________ impact on the demand for cigarettes for teenagers.
A. elastic; more
B. inelastic; more
C. elastic; less
D. inelastic; an equal
Answer: A
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The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full. B) long enough for a firm to change the use of its variable inputs. C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
The standard interpretation of the Ricardian model is that differences in factor endowments between countries account for differences in labor productivity
a. True b. False Indicate whether the statement is true or false
For about the past 45 years, federal taxes have remained relatively constant as a percentage of GDP.
Answer the following statement true (T) or false (F)
What are the four categories used to group spending for the expenditure approach?
a. depreciation, investment, government purchases, net imports b. consumption, investment, government purchases, net exports c. depreciation, investment, taxes, net imports d. consumption, investment, taxes, net exports