Sellers of a product will bear the larger part of the tax burden, and buyers will bear a smaller part of the tax burden, when the
a. tax is placed on the sellers of the product.
b. tax is placed on the buyers of the product.
c. supply of the product is more elastic than the demand for the product.
d. demand for the product is more elastic than the supply of the product.
d
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Which of the following has contributed to decreased concentration in U.S. industry since the 1970s?
a. rising interest rates and disinflation b. segmentation and economies of scale c. devaluation and economies of scale d. technological change and market globalization e. marginal cost pricing and product differentiation
If a single person has a standard deduction of $6,300, itemized deductions of $6,650, and a personal exemption of $4,000, then the first ________ of income is federal income tax free.
A. $10,300 B. $10,650 C. $16,950 D. $12,950