The Elasticities of Supply and Demand Are Important in Determining

question 93

Multiple Choice

The elasticities of supply and demand are important in determining the distribution of tax burden because they

• A) measure how much consumers are willing to pay or how much firms must receive in order to produce.
• B) reflect who actually pays the tax out of pocket.
• C) measure how responsive producers and consumers are to a change in price.
• D) reflect how much tax revenue is collected from the tax.
• E) determine who is legally responsible for remitting funds to the government.

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Definitions:

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Empty Nest Syndrome

The experience that relates to parents’ feelings of unhappiness, worry, loneliness, and depression resulting from their children’s departure from home.

Same-sex Couple Households

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Sandwich Generation

Adults who in middle adulthood must fulfill the needs of both their children and their aging parents.