________ is considered a high income country, ________ a developing country, and ________ a newly industrializing country

Which of the following is a reason for the existence of sticky wages?

A) Cutting wages during an economic downturn is illegal. B) Some wages are set by contract. C) Increasing wages means reduced profits during economic expansions. D) By law, if one worker's wages are changed, all workers' wages must be changed.

The more inelastic the demand for a product, the more the actual burden of a tax on the product will:

a. fall on sellers. b. fall on buyers. c. fall equally on both buyers and sellers. d. create a larger deadweight loss (or excess burden).