According to Arthur Laffer, the graph that represents the amount of tax revenue (measured on the vertical axis) as a function of the size of the tax (measured on the horizontal axis) looks like

If both producers and consumers believe that a product's price will rise in the future, then at the present, the equilibrium price

A) does not change. B) rises. C) falls. D) might rise, fall, or not change, but the change can never be predicted. E) might rise, fall, or not change depending on whether the effect from the producers is greater than or less than the effect from the consumers.

The political debate over joining NAFTA was especially contentious in the United States because Mexico's standard of living (including wage rates, labor standards, and environmental standards) is low relative to the U.S. standard of living

Indicate whether the statement is true or false