If the purpose of a tax is to raise revenue, it would be best for government to place the tax on which of the following goods?

a. a non-essential good, such as holiday travel
b. a good whose demand curve is highly elastic
c. a good that has several close substitutes
d. a good whose demand curve is highly inelastic
e. a good whose demand curve is unit elastic

D

Economics

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Refer to Table 19-13. Nominal GDP for Vicuna for 2013 equals

A) $4,920. B) $5,100. C) $5,300. D) $5,850.

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Most real economic choices involve small (or marginal) changes, rather than all-or-nothing decisions

a. True b. False

Economics