Sellers of a good will bear the larger part of the tax burden, and buyers will bear a smaller part of the tax burden, when the
a. tax is placed on the sellers of the good
b. tax is placed on the buyers of the good.
c. supply of the good is more elastic than the demand for the product.
d. demand for the good is more elastic than the supply of the product.
d
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Sugar price supports ensure an abundance of sugar, and hence reasonable prices for consumers.
Answer the following statement true (T) or false (F)
Marginal utility diminishes as consumption of a good decreases
Indicate whether the statement is true or false
Economic efficiency
a. should be society's main goal b. means that no Pareto improvements are possible c. cannot coexist with Pareto efficiency d. requires that income be distributed fairly e. implies that goods can be reallocated in a way that benefits someone
The tendency of hard-core Republicans to believe that all of the economic developments under the Obama presidency have been detrimental to the nation illustrates the:
A. Confirmation bias B. Framing effect C. Overconfidence effect D. Availability heuristic