Suppose the total monetary value of all final goods and services produced in a particular country in 2010 is $500 billion and the total monetary value of final goods and services sold is $450 billion. We can conclude that:

If the supply of a good is perfectly inelastic, then suppliers will bear the full burden of an excise tax

a. no matter how elastic the demand for the good is. b. only if demand is perfectly elastic. c. only if demand is perfectly inelastic. d. only if the government forbids them to raise the price of the good.

Economists generally support

a. trade restrictions. b. government management of trade. c. export subsidies. d. free international trade.