INSTRUCTIONS: Choose the Word or Phrase in [ ] Which

question 26

Multiple Choice

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement.
-[Medicare | Workers' compensation] pays for medical expenses that are the result of on-the-job injuries and illnesses.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

---

Definitions:

Elasticity of Demand

An indicator of the responsiveness of the quantity of a good demanded to its price alterations, showing how sensitive buyers are to changes in its cost.

Tax Burden

The total amount of taxes paid by individuals or businesses relative to their income, often discussed in the context of debates over fairness and economic policy.

Elastic

Describes a situation in which the demand or supply for a good or service changes significantly when its price changes.

Inelastic

A situation in which the demand or supply for a product does not change significantly in response to price changes.