Suppose that nineteenth-century politicians had succeeded in their attempt to impose a “single tax”—a tax on suppliers of land (i.e., landlords). Most of the economic burden of the tax would have been borne by
A. renters, because the demand for land is generally less elastic than its supply.
B. renters, because the demand for land is generally more elastic than its supply.
C. landlords, because the demand for land is generally less elastic than its supply.
D. landlords, because the demand for land is generally more elastic than its supply.
Answer: D
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Suppose that there are 10 firms in an industry, each accounting for 10 percent of industry sales. Two of these firms decide to merge. Which of the following statements about the impact of this merger is (are) INCORRECT?
A) The merger causes the four-firm concentration ratio to increase from 40 to 50. B) The merger causes the HHI to increase by 100. C) The merger will not change the HHI unless the industry's sales increase. D) Both answers A and C are incorrect.
The law that prohibits price from reaching its equilibrium point, by enforcing a maximum that is below equilibrium is called a _____ and results in a _____
a. price ceiling; shortage b. price ceiling; surplus c. price floor; shortage d. price floor; surplus
Stabilizing the economy by fiscal policy need not imply a tendency toward “big government.”
Answer the following statement true (T) or false (F)
Which of the following would not be covered by Medicare? Payments for:
A. All reasonable costs for the first sixty days of inpatient care in a hospital per "benefit period" B. Post-hospital nursing services, home health care, and hospice care for the terminally ill C. Voluntary and subsidized medical insurance to cover physician services, lab tests, and outpatient hospital services D. Nonprescription drugs and travel to physician offices for normal medical treatment