Other things being equal, if the demand for a taxed good is relatively elastic, the demand curve is relatively ________ and consumers pay a ________ portion of the tax.
A. steep; large
B. steep; small
C. flat; large
D. flat; small
Answer: D
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According to the Rybczynski theorem, at constant world prices, if a country experiences a gain in its capital stock it will produce
A) more of the capital intensive good and less of the labor intensive good. B) more of both goods. C) less of the capital intensive good and more of the labor intensive good. D) less of both goods.
Specialization often leads to gains in productivity for society as a whole
a. True b. False
If the marginal physical product of the fourth acre of land used were 10, the MPP of the fifth acre were 6, the MPP of the sixth acre were 2, the MPP of the seventh acre were 0, and the MPP of the eighth acre were -3, what is the maximum number of acres of land that would be used?
A. 4 B. 5 C. 6 D. 7
The portion of US debt owned by various government trust funds
A. has remained constant (by law). B. dropped quickly from 2010 to 2015, from a peak in 2010. C. continues to rise. D. dropped to an all-time low in 2015.