The division of the burden of a tax between buyers and sellers in a market is called tax allocation
Indicate whether the statement is true or false
FALSE
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_____ prefer an import tax to a quota
a. Taxpayers b. Domestic producers c. Foreign producers d. Consumers
We think about the cost of supplying labor as the:
A. opportunity cost of the individual's time. B. input costs that go into producing a unit of labor. C. average wage in the labor market. D. the additional equipment and training that is required when hiring a person.
If a monopolist can engage in perfect price discrimination:
a. consumer surplus is maximized. b. it produces at the socially efficient level. c. producer surplus is minimized. d. the government may impose fines on the monopolist.
Explain the economic fallacy in the statement: “If the Jones family would just cut up their credit cards and live within their means, they’d be better off. And if consumers in this nation cut up their credit cards and lived within their means, the
nation would be better off.” Please provide the best answer for the statement.