If the government wants to raise tax revenue and shift most of the tax burden to the sellers it would impose a tax on a good with a:
a. flat (elastic) demand curve and a steep (inelastic) supply curve.
b. steep (inelastic) demand curve and a flat (elastic) supply curve.
c. steep (inelastic) demand curve and steep (inelastic) demand curve.
d. flat (elastic) demand curve and a flat (elastic) supply curve.
a
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Which characteristic does money currently not have?
A) It is issued by a government or central bank. B) It is considered valuable. C) It is backed by gold. D) It is a durable good.
The long-run average cost curve is tangent to the short-run average total cost curve at the minimum point of the short-run average total cost curve when the:
A. firm is experiencing constant returns to scale. B. firm is experiencing economies of scale. C. long-run average cost curve is upward-sloping. D. long-run average cost curve is downward-sloping.
Company towns are
A. monopolies. B. monopsonies. C. towns named after companies. D. adjacent towns.
In the expansion phase of a business cycle:
A. the inflation rate and productive capacity decrease. B. the inflation rate decreases, but productive capacity increases. C. employment and output increase. D. employment increases, but output decreases.