When the leisure demand curve is relatively inelastic, the bulk of the burden of a wage tax falls on workers.
Answer the following statement true (T) or false (F)
True
Rationale: Inelastic leisure demand curves translate to inelastic labor supply curves -- and the burden of a tax is always disproportionately born by the side of the market that behaves relatively more inelastically.
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Between 2013 and 2016, a country's nominal GDP grew by 18 percent and its inflation rate (based on the chain-weighted price index for GDP) was 11 percent. How fast did real GDP grow over this period?
What will be an ideal response?
In a command economy:
a. economic effort is devoted to goals passed down from a ruler or ruling class. b. economic effort is commanded by the people of a country. c. there is no coordinated economic effort. What you produce is what you get to consume. d. economic effort is determined by the government, businesses, and the people of a country.
When production creates external costs greater than external benefits, a market is:
A. producing a socially optimal quantity of the product. B. allocating too few resources to production of the product. C. allocating too many resources to production of the product. D. not producing the product without government intervention.
Discuss private-sector risks and the role government intervention has in improving economic efficiency
Please provide the best answer for the statement.