For a given supply curve, the excess burden of a tax will be greater when the demand for a product is less elastic than when the demand is more elastic. This statement is
A) incorrect. The statement confuses demand with quantity demanded.
B) correct.
C) incorrect because the incidence of the tax, not the burden of the tax, is affected by the elasticity of demand.
D) incorrect. When demand is less elastic, the burden of the tax is smaller than when the demand is more elastic.
Question 2
To reduce the bias in the consumer price index, the Bureau of Labor Statistics
A) updates the market basket every 10 years, rather than every two years.
B) updates the market basket every two years, rather than every 10 years.
C) incorporates substitutions by consumers when prices of specific products fall rapidly.
D) incorporates substitutions by consumers when prices of specific products rise rapidly.
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