Supply-demand analysis shows that a tax collected from sellers is always fully shifted to buyers
a. True
b. False
Indicate whether the statement is true or false
False
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If the supply of another input used decreases, the marginal product of labor can:
A. increase, decreasing the demand for labor. B. increase, increasing the demand for labor. C. decrease, increasing the demand for labor. D. increase, increasing the supply of labor.
The notion that trade policy often imposes costs on large numbers of people, and benefits only a few is explained by
A. the basic impossibility of the democratic system to reach a fair solution. B. the problem of collective action. C. the power of advertisement. D. the lack of political involvement of the public.
Sachs and Warner found a strong correlation between a(n) ______ response to trade and economic growth.
Fill in the blank(s) with the appropriate word(s).
What is the relationship between the long-run supply curve in a constant-cost industry and elasticity?
What will be an ideal response?