An excise tax levied on a product will impose a smaller relative burden on consumers (and a larger relative burden on sellers) when:
a. the supply of the product is relatively inelastic.
b. the supply of the product is relatively elastic.
c. the demand for the product is relatively elastic.
d. either a or c is true.
d
Economics
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Which of the following macroeconomic variables is procyclical and lags the business cycle?
A) Business fixed investment B) Employment C) Stock prices D) Nominal interest rates
Economics
In an English open outcry auction,
a. bidding opens at a high price and then the price falls until only one buyer remains b. bids and offers may be made in any order c. sellers with market power capture most of the benefit d. sellers outnumber buyers e. bidding opens at a low price and the price then increases until only one buyer remains
Economics