If a tax is imposed on a product, the buyer will always bear the entire burden of the tax

In the typical bathtub, the flow of water into the tub is controlled by a faucet independently of the quantity of water in the tub

How is the bathtub analogy of the steady state in the Solow model different? How does this difference relate to the phenomenon of convergence?

For a person to keep his real income steady at a certain level from one year to the next, his nominal income must

A. stay the same as the price index rises. B. rise as fast as the price index. C. rise if the price index falls. D. fall if the price index rises.