The tax burden will fall most heavily on sellers of the good when the demand curve
A. is relatively flat, and the supply curve is relatively steep.
B. is relatively steep, and the supply curve is relatively flat.
C. and the supply curve are both relatively flat.
D. and the supply curve are both relatively steep.
A. is relatively flat, and the supply curve is relatively steep.
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By common definition, a recession occurs when
A) the international deficit worsens for at least two successive quarters. B) the government budget deficit exceeds the national debt. C) the inflation rate exceeds 3.5 percent. D) real GDP decreases for at least two successive quarters.
The three major differences between tariffs and trade quotas are (1) __________________; (2) ________________; and (3) _________________.
Fill in the blank(s) with the appropriate word(s).