When a tax is placed on the sellers of energy drinks, the
a. sellers bear the entire burden of the tax.
b. buyers bear the entire burden of the tax.
c. burden of the tax will be always be equally divided between the buyers and the sellers.
d. burden of the tax will be shared by the buyers and the sellers, but the division of the burden is not always equal.
d
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If real gross domestic product (GDP) for a particular year is $5 trillion and the GDP price index for that year is 136, the nominal gross domestic product (GDP) for that year is _____
a. $3.7 trillion b. $4 trillion c. $6.8 trillion d. $27 trillion e. $68 trillion
A firm experiencing economic losses could be earning accounting profits: a. If implicit costs are greater than zero. b. If implicit costs are equal to zero
c. If implicit costs are less than zero. d. In none of the above scenarios.
The equation now called the ______________ starts with a 2 percent real interest rate, and then instructs the Fed to lower the interest rate in proportion to any recessionary gap and to raise it in proportion to any excess of inflation above 2 percent.
A. Taylor rule B. rule of 70 C. Spencer’s rule D. None of the above is correct.
"Price" in the statement of the Law of Supply refers to:
A. The amount that buyers are willing and able to pay for each unit of the product B. The cost of producing each unit of the product C. The total revenues that sellers receives for selling a given quantity of the product D. The total amount that buyers pay in order to acquire a given quantity of the product