A tax on golf clubs will cause buyers of golf clubs to pay a higher price, sellers of golf clubs to receive a lower price, and fewer golf clubs to be sold

If the market for a product is broadly defined, then

A) there are many substitutes for the product and the demand for the product is relatively elastic. B) the good has many complements. C) the expenditure on the good is likely to make up a large share of one's budget. D) there are few substitutes for the product and the demand for the product is relatively inelastic.

The main problem of a negative income tax system is that it

a. guarantees every household a minimum level of income b. causes excessive government meddling in people's lives c. is too complex to administer fairly d. lowers peoples' work incentives e. ignores the culture of poverty that produces less income