An economy has the income shares information in the table above. Which of the following is TRUE?
A) The information in the table represents the income distribution in the United States.
B) Income in the U.S. economy is more equally distributed than that represented in the table.
C) Income in the U.S. economy is less equally distributed than that represented in the table.
D) The information in the table represents the wealth distribution in the United States.
C
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Point C on the production possibilities frontier in the above diagram illustrates
A) a point that achieves production efficiency. B) a combination of goods and services that cannot be produced efficiently C) all goods and services that are desired but cannot be produced due to scarce resources. D) a production point that has underutilization of resources
When a tax is imposed on a good for which the supply is relatively elastic and the demand is relatively inelastic, a. buyers of the good will incur most of the burden of the tax
b. sellers of the good will incur most of the burden of the tax. c. buyers and sellers will each incur 50 percent of the burden of the tax. d. the equilibrium quantity will increase.