The podcast relates most closely to which concept in this unit?

a.

Cross-Price elasticity of demand

b.Unitary elastic

c.

Income elasticity of demand

d.

Tax incidence

www.npr.org/transcripts/1109906572

Select all of the following that contribute to the price consumers pay for gas according to the podcast:

a.

State Taxes

b.

Federal Taxes

c.

Cost of crude oil

d.

Distribution and Marketing

Select all that are true: Tax incidence

a.

describes how a tax burden is shared between different groups.

b.says that the gas tax will be shared evenly between parties.

c.tell us who will pay the largest share of the tax, in this case, consumers or oil companies.

d.

depends on who has market power.

According to the podcast, the short-run price elasticity of supply for gasoline in the United States is

a.

highly inelastic

b.

highly elastic

www.npr.org/transcripts/1109906572