The total burden of a tax is the
a. absolute number of dollars an individual pays.
b. percentage of income a person pays.
c. number of dollars a person must be given after taxation to make him as well off as he was before taxation.
d. revenue lost to loopholes.
c
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The above figures show the market for oranges. Which figure shows the effect of a new technology called "the orange picker," which harvests oranges less expensively than ever before?
A) Figure A B) Figure B C) Figure C D) Figure D
You grow poplar trees. The lumber yard purchases cut trees from you. The trees grow 1 foot per year. Assuming a constant real price per foot for poplar and a real interest rate of 3%, would you sell a 20-foot tree today?
What will be an ideal response?
The shape of the long-run industry supply curve in a perfectly competitive industry is largely determined by: a. the shape of the short-run industry supply curve. b. the price of inputs as the industry expands
c. the price elasticity of market demand. d. the shape of the average fixed cost curve.
Which of the following is included in GDP?
a. life expectancy b. literacy c. health d. infant mortality