If a nation imposes a tariff on imports, the portion of the tax paid by citizens depends upon
a. elasticity of demand.
b. elasticity of supply.
c. how important the good is.
d. income elasticity.
e. cross elasticity of demand with domestic products.
a
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Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
A time-series graph reveals whether there is a ________ which represents ________
A) trend in a variable; a general tendency for the variable to rise or fall B) relationship between two variables; a cross-section graph C) trend in a variable; unrelated variables D) relationship between two variables; a trend in a variable
One way to estimate GDP is to:
A. add together the market value of only final goods sold in the economy and not services. B. measure the total expenditure of an economy. C. add together the market value of only final services sold in the economy. D. add up all the money people spend buying final and intermediate goods and services.
A tax levied on the value of physical assets such as land, or financial assets such as corporate stocks and bonds, is known as a(n)
a. corporate income tax b. property tax c. excise tax d. unit tax e. customs duty