If the demand for a good is very price elastic, the imposition of a tax on that good
a. places the largest portion of the burden on the sellers of that product
b. places the burden of the tax equally on buyers and sellers
c. places the largest portion of the tax on consumers
d. will make demand more elastic than it was before the tax
e. will make demand more inelastic than it was before the tax
A
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The price of gasoline has risen and the quantity sold has fallen. This was likely caused by
A. a rise in the price of crude oil. B. a seasonal rise in the demand for gasoline. C. use of a new public transit system. D. the discovery of crude oil deposits in South Dakota.
Financial intermediaries develop ________ in things such as computer technology which allows them to lower transactions costs
A) expertise B) diversification C) regulations D) equity
The recession of 1990-1992 ________ the trend set over 1965-1990 of ________ unemployment rates at each successive cyclical trough
A) continued, lower B) continued, higher C) broke, lower D) broke, higher
Which of the following is NOT an important source of revenue for the federal government?
A) individual income taxes B) property taxes C) social insurance taxes and contributions D) corporate income taxes