To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sports equipment consumers' share of this tax would be greater than that shown in the above figure
A) only if the demand was more elastic.
B) only if the demand was more inelastic.
C) only if the supply was more elastic.
D) if either the demand was more inelastic or the supply more elastic.
D
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Your friend Diana tells you that she thinks that her favorite softball team has a 70% chance of winning the next game because that is exactly the winning rate of her team in the last two seasons. This is an example of a(n)
A) objective probability. B) subjective probability. C) risk-averse statement. D) Friedman-Savage preference.
A period during which GDP exceeds its potential level is best known as a(n)
a. expansion b. contraction c. boom d. recession e. depression
A decrease in the cost of nitrogen fertilizer will
A. shift the supply curve of US corn to the right. B. shift the demand curve of US corn to the left. C. shift the demand curve for US corn to the right. D. shift the supply curve for US corn to the left.
Suppose a country has experienced relatively steady growth of aggregate real Gross Domestic Product (GDP). A higher population growth tends to
A. increase the level of economic freedom. B. increase the level of dead capital. C. increase the growth of per capita real GDP. D. reduce the growth of per capita real GDP.