The incidence of a tax explains what group pays the burden of a tax
a. True
b. False
Indicate whether the statement is true or false
True
Economics
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Refer to Table 2-14. Does either Ireland or Scotland have an absolute advantage and if so, in what product?
A) Scotland only has an absolute advantage in producing guitars. B) Ireland only has an absolute advantage in producing motorcycles. C) Ireland only has an absolute advantage in producing guitars. D) Scotland has an absolute advantage in producing both products.
Economics
Figure 7-15
For a firm at equilibrium, at point A in Figure 7-15
a.
the price of labor is high relative to the price of machines.
b.
the MPP of labor is greater than the MPP of machines.
c.
the MPP of labor is less than at point B.
d.
output is higher than at point B.
Economics