The incidence of sales tax is determined by the
A) level of government (for example, local, state, or federal) which imposes the tax.
B) federal government in all cases.
C) greed of the sellers.
D) price elasticities of supply and demand.
D
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Firms price discriminate
A) to take advantage of customers. B) to reduce the quantity sold so as to reduce production costs. C) to increase profits. D) to increase total economic surplus.
Which of the following is not an example of a factor of production?
a. labor b. interest c. land d. capital
Liza had a job as a human resource manager of a restaurant chain that went out of business due to a downturn in the economy. This is an example of
A. cyclical unemployment. B. seasonal unemployment. C. structural unemployment. D. technological unemployment.
A frozen food manufacturer can produce either pizzas or calzones. As the result of an increase in the price of calzones, the firm produces more calzones and fewer pizzas. An economist would explain this by saying
A. the supply of calzones increased and the supply of pizzas decreased. B. there has been an increase in the quantity supplied of calzones and a decrease in the quantity supplied of pizzas. C. the supply of calzones increased and the quantity supplied of pizza decreased. D. there has been an increase in the quantity supplied of calzones and a decrease in the supply of pizza.