A government seeking to raise revenue would be most likely to tax a good
a. having a high income elasticity of demand
b. with a low cross elasticity of demand
c. having a high price elasticity of demand
d. with a low income elasticity of demand
e. having a low price elasticity of demand
E
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List four characteristics of monopolistic competition
What will be an ideal response?
Most power in the Federal Reserve System is held by the
a. president and Congress. b. Secretary of the Treasury, who appoints the members of the Board of Governors. c. Board of Governors of the system. d. member banks of the system.
Refer to the graph shown. At the price of $1.60, given market demand for the product:
A. the firm will make zero economic profits. B. there will be a shortage of the product. C. the firm will go out of business. D. the firm will incur losses.
Unemployed U.S. residents who are, in effect, merely searching for work between jobs, are defined as
A. frictionally unemployed. B. structurally unemployed. C. seasonally unemployed. D. cyclically unemployed.