Relating to the Economics in Practice on Page 340: Europe

question 272

Multiple Choice

Relating to the Economics in Practice on page 340: Europe has a carbon tax, and electricity producers are among the largest of the carbon producing firms. The carbon tax increased the price of electricity, and researchers found that the amount of the tax that was actually passed through to consumers reflected a ________ aggregate demand for electricity.

• A) perfectly inelastic
• B) very inelastic
• C) slightly elastic
• D) unit elastic

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Definitions:

Territorially Fair

A principle aiming for fairness and equity in the enactment and enforcement of laws within different geographical territories.

Convenient Forum

A legal principle allowing courts to dismiss or transfer cases to another jurisdiction that is more suitable or appropriate for resolving the case.

Original Jurisdiction

The authority of a court to hear a case for the first time, as opposed to appellate jurisdiction, which is the authority to review decisions made by lower courts.

Limited Jurisdiction

The restricted authority granted to certain courts to hear only specific types of cases or cases within particular geographical areas.