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).
Answer: B
Economics
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What best describes Thomas Jefferson's view of how American Indians should be treated?
a. Tribes should be forced to leave their native lands in the east and move west. b. Indians should have full property rights that should be respected by whites. c. Indians could continue to live on their reservations but the federal government should have access to all mining and natural resources on their land.
Economics
The magnitude of the impact taxes have on job-search effort is:
A. inconclusive. B. slightly negative. C. slightly positive. D. hugely negative.
Economics