A tax is imposed on wine. Sellers will bear no burden from this tax if the:
a. demand for wine is perfectly inelastic
b. demand for wine is perfectly elastic.
c. demand for wine is unit elastic.
d. supply curve for wine is perfectly inelastic.
a
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The standard of living in an economy is best measured by:
A. output per person. B. total output. C. average labor productivity. D. the inflation rate.
Explain whether Delta Airlines' sales are likely to fluctuate more or less than the sales of each of the following firms as the economy moves from recession to expansion and back to recession
Whirlpool Corporation (appliance manufacturer) Taco Bell The Boeing Company (aircraft manufacturer) GameStop (video game sales and rentals)
Assume that with existing tax and spending laws, government spending exceeds government tax revenues. To cover the resulting shortfall, the government must:
A) increase consumers' incomes. B) print more money. C) Borrow money in the financial markets. D) lower interest rates.
The largest portion of federal government revenues comes from
A. social insurance payroll taxes. B. corporate income taxes. C. the individual income tax. D. excise taxes.