Given the same supply elasticity, the burden of a 10 percent tax on suppliers would be greatest on consumers within what price range?PriceQuantity$2.00264.00226.00188.001410.0010
A. $4 and $6
B. $8 and $10
C. $6 and $8
D. $2 and $4.
Answer: D
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All of the following methods were used to raise funds to finance the Civil War (1861–1865) except
(a) An income tax (b) The printing of paper money (c) Taxes on prostitution (d) Taxes on whiskey and beer
Consider the competitive market for oil. Which of the following would result from the discovery of new oil fields that can be profitably accessed at the current price?
a. both b and d b. an increase in the demand for oil c. an excess demand for oil as oil companies shift resources to developing the new fields d. an excess supply of oil if the price of oil fails to drop sufficiently e. an increase in the expected future price of oil
Production efficiency under a natural monopoly is achieved
A. Where marginal cost equals demand. B. Where marginal cost is minimized. C. At capacity production where ATC is at a minimum. D. Where marginal revenue equals marginal cost.
If the U.S. has a comparative advantage in almonds relative to Japan, we would expect that
A. the U.S. would export almonds to Japan and Japan would export almonds to the U.S. B. Japan would export almonds to the United States. C. the U.S. would export almonds to Japan. D. None of these situations would take place.