Related to the Economics in Practice on Page 280: the Foreign

question 149

Multiple Choice

Related to the Economics in Practice on page 280: The foreign visitors to the temples of Laos are typically much richer than the local Laotians. This tends to make the foreign visitors ________ buyers when it comes to ticket prices to enter the temples.

• A) perfectly elastic
• B) more elastic
• C) less elastic
• D) perfectly inelastic

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Definitions:

Tax Rates

The percentages of income or value of goods that individuals or companies must pay to the government.

Big Government

A term often used to describe a government or state that has expansive powers and is heavily involved in various economic and social sectors.

Ronald Reagan

Ronald Reagan was the 40th President of the United States, serving from 1981 to 1989, known for his conservative economic policies, including tax cuts and deregulation efforts, which aimed to stimulate the American economy.

Corporate Farms

Agricultural businesses that own, and possibly operate, large-scale farming operations, often employing extensive capital and technology.