In order to make oil profits as large as possible, OPEC meets to set oil production quotas for its members. OPEC is best classified as a:

The more elastic the supply of a product, the more likely it is that the

a. burden of a tax on the product will fall on sellers. b. burden of a tax on the product will fall on buyers. c. burden of a tax on the product will fall equally on both buyers and sellers. d. deadweight loss of the tax will be smaller.

During the early 20th century, economists who held that the Ricardian equivalence theorem was theoretically true could support either sound or functional finance.

Answer the following statement true (T) or false (F)