Which of the following statements is correct concerning the burden of a tax imposed on take-out food?
a. Buyers bear the entire burden of the tax.
b. Sellers bear the entire burden of the tax.
c. Buyers and sellers share the burden of the tax.
d. We have to know whether it is the buyers or the sellers that are required to pay the tax to the government in order to make this determination.
c
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The cookie industry in Eatsweetland consists of 15 firms. The industry sales are $80 million per month. The sales of the largest 5 firms are shown in the table below. The rest 10 firms have sales of $3 million each
What is the four-firm concentration ratio in Eatsweetland's cookie industry? A) 63 percent B) 44 percent C) 87 percent D) 56 percent
The primary assets of a finance company are
A) municipal bonds. B) corporate stocks and bonds. C) consumer and business loans. D) mortgages.
The basic forces driving the "invisible hand" are
a. government and business. b. information and computer technology. c. competition and self-interest. d. cooperation and altruism.
The percentage of the population in the two higher income classes (defined by Pew as having more than 200% of median family income) declined from more than 60% in the 1970s to 50% in 2015. Economists see the decline in the middle class as a
A. consequence of the decline in growth, not a cause of it. B. Both a cause and a consequence of the decline in growth. C. cause of the decline in growth, not a consequence of it. D. Unrelated consequence to the decline in growth.