If the government decides to levy an ad valorem tax on product with a perfectly inelastic supply. The consumers tax incidence will be

The Illyrian economy has 1000 people in the labor force. 100 people don't have jobs but are searching for work, another 100 people would like to have jobs but quit searching because of poor job prospects, and another 100 people don't work and don't

want to work. What's the rate of unemployment? A) 10 percent B) 20 percent C) 30 percent D) 100 percent E) None of the above.

When a tax is imposed on sellers, producer surplus decreases but consumer surplus increases

a. True b. False Indicate whether the statement is true or false