Special-interest legislation is legislation where there are both widespread costs and benefits
a. True
b. False
B
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If a price decrease of a product significantly raises its revenues, then the absolute price elasticity of demand for that product must be
A) less than one. B) equal to one. C) greater than one. D) an example of unit elasticity.
The incidence of a tax:
A. falls entirely on consumers if demand is perfectly elastic. B. falls entirely on consumers if demand is perfectly inelastic. C. is shared by suppliers and consumers if demand is perfectly elastic. D. falls entirely on suppliers if demand is perfectly inelastic.
A swing at a popular, unfenced public park is:
A. a collective good. B. a pure public good. C. nonrival. D. nonexcludable.
Using supply and demand analysis, which of the following is true?
A. The burden of a tax on production cannot be determined on the basis of who actually pays the tax. B. The burden of a tax on production is always split evenly between consumers and sellers. C. Consumers bear the entire burden of a per unit tax on production. D. Sellers bear the entire burden of a per unit tax on production.