The right to private property and ability to exchange goods and services freely is known as

If GDP per capita in year T is represented by YT, and the GDP per capita in the following year is represented by YT+1, then the formula for calculating growth rate between these two years is ________

A) (YT+1 - YT)/YT B) (YT+1 + YT)/YT+1 C) (YT+1 + YT)/YT D) (YT+1/YT)/100

The demand curve for pizza in Foodieland is vertical. If a tax is imposed on each pizza bought, ________

A) the burden of the tax will fall entirely on the buyers B) the burden of the tax will fall entirely on the sellers C) the tax incidence on the sellers will be higher than that on the buyers D) the deadweight loss due to taxation will be large