Economists assume that rational people
A) never use all available information as they act to achieve their goals.
B) respond to economic incentives.
C) undertake activities that benefit others and hurt themselves.
D) only weigh the benefits and costs of the most desirable alternative actions.
B
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If the demand curve is perfectly inelastic, _____
a. suppliers will bear the entire burden of any tax b. demanders will bear the entire burden of any tax c. suppliers and demanders will split the burden of any tax d. the actual burden of the tax depends upon who is legally required to pay the tax
Acreage allotment programs were designed to:
A. reduce the supply of agricultural products. B. make the demand for farm products more price elastic. C. bolster the demand for agricultural commodities. D. accelerate the movement of human resources out of farming.