A sales tax is divided so that buyers pay the full amount if
A) demand has unitary elasticity.
B) supply has unitary elasticity.
C) demand is perfectly inelastic.
D) supply is perfectly inelastic.
C
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Refer to the table above. If the world price for a pair of trousers is $12, then which of the following statements is true?
A) All the four countries will export trousers. B) All the four countries will import trousers. C) Country A and Country B will import trousers, whereas Country C and Country D will export trousers. D) Country C and Country D will import trousers, whereas Country A and Country B will export trousers.
What most accurately describes the US tariff policy between 1850 and 1910?
a. The US was strongly committed to free trade throughout the period. b. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910. c. The US had very high tariff barriers at the beginning of this period, but lowered them consistently throughout this period.