Welcome

Please register to have access to more features!

It is highly recommended that you have Javascript enabled; many features will not work unless you do. The recommended browsers are Firefox and Chrome; the board is also NOT mobile-friendly.

Please invite your friends!

If you were referred by someone (ex. me, Jessica) please put their username in the referral box on the registration page. Ask them if you don't know their username.

If you are visiting for TESTING PURPOSES ONLY, this is the test account information:


Username:
Test
Password: test123



Select a forum to post in:

Microeconomics Homework #4

Subjects that would not fit in all the other sections already available. Misc section can include anything on things like business, finance, accounting, psychology, etc.

Moderators: Jessica, Teachers

Microeconomics Homework #4

Post Number: #1  Postby Jessica » February 9th, 2013, 11:23 pm

------------WORK FINISHED, PLEASE CHECK BEFORE MONDAY, FEB 11, 10 AM------------

1. The incidence of a tax:
A. refers to who in reality pays the tax to the government.
B. is a measure of the revenue the government receives from the tax.
C. is a measure of the deadweight loss from the tax.
D. refers to who writes the check to the government.


2. Assuming a normal upward-sloping supply curve and downward-sloping demand curve, if the government imposes a $5 excise tax on leather shoes and collects the tax from the suppliers, the price of leather shoes will:
A. increase by less than $5.
B. increase by $5.
C. increase, but we cannot determine by how much.
D. increase by more than $5.


3. If the government imposes a $5 excise tax on leather shoes and the price of leather shoes increases by $2:
A. the quantity of shoes sold will increase.
B. the government will receive less tax revenue than anticipated.
C. producers are paying more of the tax than are the consumers.
D. consumers are paying more of the tax than the producers.


4. Image
(Figure: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively elastic supply, as shown in Panel ________, the greater share of the burden of an excise tax imposed on it is borne by ________.
A. B; buyers
B. B; sellers
C. A; buyers
D. A; sellers


5. Image
(Figure: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively inelastic supply, as shown in Panel ________, the greater share of the burden of an excise tax imposed on it is borne by ________.
A. B; buyers
B. A; sellers
C. A; buyers
D. B; sellers


6. Image
(Figure: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively elastic demand, as shown in Panel ________, the greater share of the burden of an excise tax imposed on it is borne by ________.
A. C; buyers
B. D; sellers
C. C; sellers
D. D; buyers


7. Image
(Figure: Tax Incidence) All other things unchanged, when a good or service is characterized by a relatively inelastic demand, as shown in panel ________, the greater share of the burden of an excise tax imposed on it is borne by ________.
A. C; buyers
B. D; sellers
C. D; buyers
D. C; sellers


8. Image
(Figure: Market for Hamburgers) The figure shows the weekly market for hamburgers at the Tasty Burger Palace. If the market is originally in equilibrium and the government then imposes an excise tax of $0.80 per unit of the good sold, the deadweight loss associated with the tax will be:
A. $90.
B. $40.
C. $240.
D. $105.


9. Image
(Figure: Market for Hamburgers) The figure shows the weekly market for hamburgers at the Tasty Burger Palace. If the market is originally in equilibrium and the government then imposes an excise tax of $0.80 per unit of the good sold, the government's revenue from the tax will be:
A. $175.
B. $240.
C. $90.
D. $105.


10. Excise taxes that raise the most revenue and cause the least deadweight loss are likely to be those that are imposed on goods for which:
A. demand and supply are both inelastic.
B. demand and supply are both elastic.
C. demand is elastic and supply is inelastic.
D. demand is inelastic and supply is elastic.


11. Image
(Figure: Market for Blue Jeans) The government recently levied a $10 tax on the producers of blue jeans. Using the graph, identify the area(s) that represent tax revenue.
A. c + e
B. d + e + f
C. b + d
D. a + b + c


12. Image
(Figure: Market for Blue Jeans) The government recently levied a $10 tax on the producers of blue jeans. Using the graph, identify the area(s) that represent consumer and producer surplus after the tax was levied.
A. d + e + f
B. a + b + c + d + e + f
C. a + f
D. a + b + c


13. Image
(Figure: Market for Blue Jeans) The government recently levied a $10 tax on the producers of blue jeans. Using the graph, identify the area(s) that represent deadweight loss.
A. d + e + f
B. a + b + c
C. c + e
D. b + d


14. Image
(Figure: Market for Blue Jeans) The government recently levied a $10 tax on the producers of blue jeans. Using the graph, identify the area(s) that represent the loss of consumer surplus due to the tax.
A. c
B. b + c
C. b
D. a + b + c


15. Image
(Figure: Market for Blue Jeans) The government recently levied a $10 tax on the producers of blue jeans. Using the graph, identify the area(s) that represent the loss of producer surplus due to the tax.
A. d + e + f
B. d + e
C. d
D. e


16. Taxation according to the ability-to-pay principle is best illustrated in the United States by:
A. sales taxes.
B. personal income taxes.
C. excise taxes.
D. gasoline taxes.


17. Taxation according to the benefits-received principle is best illustrated by a(n):
A. sales tax.
B. income tax.
C. gasoline tax.
D. gift tax.


18. Eli has annual earnings of $100,000 and Molly has annual earnings of $50,000. Each consumer goes to the mall and purchases a microwave oven at a price of $100 and each pays an additional 7%, or $7, in sales tax to the state. This sales tax is an example of:
A. a wealth tax.
B. a property tax.
C. a progressive tax.
D. a regressive tax.


19. The structure of the U.S. federal income tax system reflects the:
A. lump-sum tax principle.
B. benefits principle.
C. tax-efficiency principle.
D. ability-to-pay principle.


20. A progressive tax is one that takes a:
A. lower percentage of income as income rises.
B. higher percentage of income as income rises.
C. higher percentage of income as income falls.
D. fixed percentage of income.

------------WORK FINISHED, PLEASE CHECK BEFORE MONDAY, FEB 11, 10 AM------------
  • 0

User avatar
Jessica
Board Owner
Topic Author

Founder
Sapphire
Sapphire
 
8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership
 
Posts: 3,470
Topics: 1,244
Articles: 30
Joined: December 22nd, 2010, 8:04 pm
Local time: December 14th, 2019, 10:34 am
Last Visit: Today, 12:27 am
Location: Pennsylvania
Gender: Female
Cash on hand: 4,788.58
Bank: 145,579.08
Reputation: 148
Medals: 20
#1: July 2012 1st Place (1) R-Contest #1 First Place (1) Best staff member 2013 (1) Easter Egg Hunt 2013 (1) Graphic Drawing Participant (1) 1 Year (1) 2 Years (1) 3 Years (1) 4 Years (1) 5 Years (1)
6 Years (1) 7 Years (1) 8 Years (1) Founder (1) Highest Rep (1) Referrer (1) Top poster (1) Facebook group (1) Pin-Board (1) Article Author (1)
Referrals: 27
Blog: View Blog (480)
Subject(s): Chinese, Math
Global Moderator
Admin
Moderator

Re: Microeconomics Homework #4

Post Number: #2  Postby Jessica » February 12th, 2013, 1:24 am

homework already submitted...locked
  • 0

User avatar
Jessica
Board Owner
Topic Author

Founder
Sapphire
Sapphire
 
8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership8 years of membership
 
Posts: 3,470
Topics: 1,244
Articles: 30
Joined: December 22nd, 2010, 8:04 pm
Local time: December 14th, 2019, 10:34 am
Last Visit: Today, 12:27 am
Location: Pennsylvania
Gender: Female
Cash on hand: 4,788.58
Bank: 145,579.08
Reputation: 148
Medals: 20
#1: July 2012 1st Place (1) R-Contest #1 First Place (1) Best staff member 2013 (1) Easter Egg Hunt 2013 (1) Graphic Drawing Participant (1) 1 Year (1) 2 Years (1) 3 Years (1) 4 Years (1) 5 Years (1)
6 Years (1) 7 Years (1) 8 Years (1) Founder (1) Highest Rep (1) Referrer (1) Top poster (1) Facebook group (1) Pin-Board (1) Article Author (1)
Referrals: 27
Blog: View Blog (480)
Subject(s): Chinese, Math
Global Moderator
Admin
Moderator


Return to Miscellaneous

Login  •  Register
cron
Reputation System ©'