If a government wants to maximize revenues from a tax, it should
A) impose it on sellers.
B) impose it on consumers.
C) choose a good with a relatively elastic demand.
D) choose a good with a relatively inelastic demand.
D
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Money performs all of the following functions EXCEPT serving as a i. medium of exchange. ii. unit of account. iii. barter mechanism
A) i only B) ii only C) iii only D) i and ii E) ii and iii
If firms in a competitive market are ________ then there is ________ for firms to ________ the industry
A) incurring economic losses; an incentive; exit B) incurring economic losses; no incentive; exit C) making economic profits; no incentive; enter D) making zero economic profit; an incentive; exit
How does the U.S. economy rank in size?
a. first in economic output b. second in economic output c. third in economic output d. fourth in economic output e. fifth in economic output
Which of the following is not a characteristic of a perfectly competitive market?
a. Sellers set the price of the product. b. There are many sellers. c. Buyers must accept the price the market determines. d. All of the above are characteristics of a perfectly competitive market.