Figure 4-7
Refer to . Which of the following is true for the tax illustrated?
a.
The tax increases the price of gasoline by $.60.
b.
Since the demand for gasoline is more inelastic than the supply, consumers bear most of the burden of the tax.
c.
Since the demand for gasoline is more elastic than the supply, consumers bear most of the burden of the tax.
d.
Since the supply of gasoline is highly inelastic, the primary burden of the tax is imposed on the suppliers of gasoline.
b
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Euro-pessimists have argued that the euro is not successful, based on all of the following, EXCEPT:
A) linguistic barriers make labor migration difficult. B) Maastricht Treaty rules have been largely abandoned. C) the deficit surveillance program has been a success. D) the lack of political support.
Which is not considered a need?
a. food b. clothing c. shelter d. smartphone