Refer to Figure 4-17. Suppose the market is initially in equilibrium at price P1 and then the government imposes a tax on every unit sold. Which of the following statements best describes the impact of the tax?
A) The consumer's share of the tax burden is the same whether the demand curve is D1 or D2.
B) The consumer will bear the entire burden of the tax if the demand curve is D2 and the producer will bear the entire burden of the tax if the demand curve is D1.
C) The consumer will bear a smaller share of the tax burden if the demand curve is D1.
D) The consumer will bear a smaller share of the tax burden if the demand curve is D2.
C
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If the working-age population is 20 million and labor force is 13 million, the labor force participation rate is
A) 65 percent. B) 35 percent. C) 153 percent. D) 60 percent. E) impossible to calculate because data on the number of employed workers is needed.
Which of the following statements accurately characterizes the Homestead Act of 1862?
a. Southerner plantation owners were strongly opposed to the passage of this legislation. b. This legislation outlined the legal means by which a territory could become a state. c. Only farmers with families could purchase land made available by this legislation. d. This legislation made available some of the most fertile farming land in the U.S., yielding great benefits for small farmers.