A tax is imposed on orange juice. Consumers will bear no burden from this tax if the:
a. demand for orange juice is perfectly inelastic.
b. supply curve for orange juice is unit elastic.
c. demand for orange juice is unit elastic.
d. supply curve for orange juice is perfectly inelastic.
Question 2
In the equation of exchange, velocity will tend to rise when:
a. the price level rises, other things being equal.
b. real GDP rises, other things being equal.
c. the money supply declines, other things being equal.
d. all of the above.
Generally, the total tax burden in the United States is much lower than that of other industrialize
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