________________ is the analysis of how the burden of a tax is divided between consumers and producers:
a. Resale incidence.
b. Price incidence.
c. Cost incidence.
d. Tax incidence.
d. Tax incidence.
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Which of the following correctly lists the categories of factors of production?
A) machines, buildings, land, and money B) hardware, software, land, and money C) capital, money, and labor D) owners, workers, and consumers E) land, labor, capital, and entrepreneurship
Why do banking panics normally lead to recessions?
What will be an ideal response?
What is least accurate about marketing and selling in the US prior to the Civil War?
a. Attracting customers was not a main objective of advertising. b. Installment buying was known, but was uncommon until about 1900. c. Most companies eliminated wholesalers to market products directly to their customers and save money. d. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
Consider a consumer who spends all income on only two goods: bread and wine. An extra loaf of bread would give the consumer 10 extra util, while an extra bottle of wine would give the consumer 60 extra utils. Bread costs 50ยข per loaf, and wine costs $6 per bottle. In this situation, the consumer:
a. could increase utility by buying more bread and less wine. b. could increase utility by purchasing more wine and less bread. c. has maximized utility and attained consumer equilibrium. d. is violating the law of diminishing marginal utility.