Suppose the government imposes a tax on cheese. The deadweight loss from this tax will likely be greater in the
a. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year.
b. first year after it is imposed than in the eighth year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year.
c. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be more elastic in the first year than in the eighth year.
d. eighth year after it is imposed than in the first year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year.
d
You might also like to view...
It is estimated that, on the average and ________, union wages are ________ because ________
A) taking account of skill differentials; 30 percent higher than nonunion wages; union workers are better qualified than nonunion workers B) without taking account of skill differentials; equal to nonunion wages; differentiating based on union membership is discrimination and illegal C) without taking account of skill differentials; 15-20 percent higher than nonunion wages; employers are biased against nonunion workers D) taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers and employers show bias against nonunion workers E) without taking account of skill differentials; 30 percent higher than nonunion wages; in some industries union workers perform jobs that require greater skill than nonunion workers
Total utility always decreases when additional amounts of a commodity are consumed.
Answer the following statement true (T) or false (F)
A likely result of the September 11, 2001 terrorist attacks was ________
A) weaker consumer confidence B) lower business confidence C) a leftward shift of the AD curve D) all of the above E) none of the above
Which of the following is a distinguishing characteristic of oligopolies?
a. a standardized product b. the goal of profit maximization c. the interdependence among firms d. downward-sloping demand curves faced by firms e. a downward-sloping market demand curve