The division of the burden of a sales or excise tax on demanders and suppliers:
a. Is always equal.
b. Is always higher for demanders.
c. Is always higher for suppliers.
d. Depends on the shapes of the demand and supply curves.
d. Depends on the shapes of the demand and supply curves.
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An externality refers to an economic event which takes place outside of a market
Indicate whether the statement is true or false
A university conducts a survey of students, which shows that a 10 percent tuition hike would lead to a 12 percent decrease in the enrollment
If the university wants to increase its total revenue, it should ________ tuition because the demand for education at this university is ________. A) raise; elastic B) not raise; elastic C) raise; inelastic D) not raise; inelastic
The CPI in 1974 equaled 0.49. The CPI in 1975 equaled 0.54. The rate of inflation between 1974 and 1975 was ________ percent.
A. 5.0 B. 5.4 C. 10.2 D. 9.3
An international agreement reached in 1994 by the world's trading nations provides for:
A. an increase in export subsidies on agricultural products. B. an increase in agricultural price supports. C. a reduction of tariffs on agricultural products. D. an international research organization designed to discover nonfood uses of agricultural output.