Lec 14 Questions

Lec 14 Questions - Econ 101 Class 14 Questions 1. Sellers...

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Econ 101 Class 14 Questions 1. Sellers are more likely to bear the burden of a tax imposed on ____ because ____. A. Tobacco products, because demand is highly inelastic. B. Tobacco products, because farmers can easily switch to other crops. C. Imported oranges, because domestic oranges are good substitutes. ** D. Imported oranges, because citrus growers can easily switch to other crops. 2. Consider the following quotation from a July 25, 2005, New York Times article written by David Leonhard. “WHEN you look back on all the attempts to curb teenage drinking, smoking and drug use over the last couple of decades, you start to ask yourself a question that countless parents have asked: Does anybody really know how to change a teenager's behavior? Much of this back and forth is unnecessary. There is in fact a surefire way to get teenagers to consume less beer, tobacco and drugs, according to one study after another: raise the cost, in terms of either dollars or potential punishment. Teenagers, it turns out, are highly rational creatures in some ways. Budweisers and Marlboros are
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This note was uploaded on 03/02/2009 for the course ECON 101 taught by Professor Balaban during the Spring '07 term at UNC.

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Lec 14 Questions - Econ 101 Class 14 Questions 1. Sellers...

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