Homework Answers
22. B) underconsumed because the consumers only consider the private benefits of consumption.
When the production or consumption of a commodity benefits a third party then it is known as an external benefits.
23. C) if the transaction costs are low and the property rights are well defined.
While undertaking an economic exchange if there are any costs involved in the process, it is known as the transaction costs. Bargaining is possible when the transaction costs are low.
24. A) income taxes are higher
It negatively affects the willingness to work and save. The greater you earn the more taxes you have to pay.
25. C) the marginal tax rate
It is the additional tax which is paid for the additional income earned. If this rate is high people will work more.
26. D) the administrative burden of taxes will increase.
It is difficult to control and regulate the process involved in taxation if the laws are not simplified.
27. C) a lump sum tax
The lump sum tax is imposed on all people equally with a same amount of burden.
28. D) lump sum tax.
29. B) burden is minimised
This is because they are receiving benefits of some sort or the other.
29. A) the ability to pay principle.
If a person is having a higher ability to pay he should be taxed more.
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QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private...
Products that create external benefits are over-consumed because the private benefits exceed the private costs under...
Products that create external benefits are over-consumed because the private benefits exceed the private costs under consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist O but only in the presence of government regulation if consumers have more information regarding...
Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed...
Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption optimally consumed as long as private benefits equal private costs underconsumed because the social costs exceed the social benefits
1 5 -2019 Fall Term (1) - Question Completion Status QUESTION 21 Compared with the efficient outcome, the market pr...
1 5 -2019 Fall Term (1) - Question Completion Status QUESTION 21 Compared with the efficient outcome, the market price of a good that generates external benefits is too high too low optimal equal to the efficient price QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under consumed because consumers only consider the private benefits of consumption optimally consumed as long as private benefits equal private costs underconsumed because the social...
Question Completion Status QUESTION 25 Which of these is most influential on your decision to work...
Question Completion Status QUESTION 25 Which of these is most influential on your decision to work extra hours at your job o the averge tax rate the total tax bill the marginal tax rate e the lump sum tax rate QUESTION 26 As tax laws become more complex compliance costs are likely to decrease e the government will collect more tax revenue o tax evasion and avoidance will decrease e the administrative burden of taxes will increase QUESTION 27 If...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
QUESTION 21 Compared with the efficient outcome, the market price of a good that generates external...
QUESTION 21 Compared with the efficient outcome, the market price of a good that generates external benefits is too high too low O optimal O equal to the efficient price QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits
TULE TUL. MULTI 21 NUV-2019 Fall Torm U... Question Completion Status: QUESTION 26 As tax laws become more complex...
TULE TUL. MULTI 21 NUV-2019 Fall Torm U... Question Completion Status: QUESTION 26 As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase QUESTION 27 If the government imposes a $3000 tax on everyone, the tax would be: an income tax a consumption tax alump-sum tax a marginal tax QUESTION 28 Which of these tax systems does not...
QUESTION 28 Which of these tax systems does not allow for vertical equity (different treatment of...
QUESTION 28 Which of these tax systems does not allow for vertical equity (different treatment of different people) O proportional tax O progressive tax O regressive tax Olump-sum tax QUESTION 29 When a tax is justified on the basis that taxpayers receive specific government services, the tax is considered a horizontally equitable burden is minimized satisfies the benefits principle is considered vertically equitable QUESTION 30 The argument that each person should pay taxes according to how well the individual can...
QUESTION 25 Which of these is most influential on your decision to work extra hours at...
QUESTION 25 Which of these is most influential on your decision to work extra hours at your job O the averge tax rate the total tax bill the marginal tax rate the lump sum tax rate QUESTION 26 As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase QUESTION 27 If the government imposes a $3000 tax on...
QUESTION 11 2 points Save Answer Public roads get congested, suggesting that public roads are Opublic...
QUESTION 11 2 points Save Answer Public roads get congested, suggesting that public roads are Opublic goods rival private goods excludable QUESTION 12 2 points Save Answer To provide funding for an asteroid defense shield, the government will have tax the public rely on voluntary contributions leave financing to the private market Oprovide zero asteroid defense QUESTION 29 2 points Save Answer When a tax is justified on the basis that taxpayers receive specific government services, the tax is considered...
Products that create external benefits are over-consumed because the private benefits exceed the private costs under consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs underconsumed because the social costs exceed the social benefits QUESTION 23 The Coase theorem suggests that private bargains will ensure the efficiency of markets even when externalities exist O but only in the presence of government regulation if consumers have more information regarding...
1 5 -2019 Fall Term (1) - Question Completion Status QUESTION 21 Compared with the efficient outcome, the market price of a good that generates external benefits is too high too low optimal equal to the efficient price QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under consumed because consumers only consider the private benefits of consumption optimally consumed as long as private benefits equal private costs underconsumed because the social...
Question Completion Status QUESTION 25 Which of these is most influential on your decision to work extra hours at your job o the averge tax rate the total tax bill the marginal tax rate e the lump sum tax rate QUESTION 26 As tax laws become more complex compliance costs are likely to decrease e the government will collect more tax revenue o tax evasion and avoidance will decrease e the administrative burden of taxes will increase QUESTION 27 If...
Question Completion Status: QUESTION 19 When the government increases tariffs production switches from low-cost foreign producers to high-cost domestic producers, wasting resources domestic producers buy more of the good, increasing the gains from trade domestic producers produce more output, increasing the gains from trade deadweight losses are eliminated because foreign producers sell below their product cost QUESTION 20 As a result of tariffs, domestic producers tend to • gain more than domestic consumers lose • spend less money on lobbying...
QUESTION 21 Compared with the efficient outcome, the market price of a good that generates external benefits is too high too low O optimal O equal to the efficient price QUESTION 22 Products that create external benefits are over-consumed because the private benefits exceed the private costs under-consumed because consumers only consider the private benefits of consumption O optimally consumed as long as private benefits equal private costs O underconsumed because the social costs exceed the social benefits
TULE TUL. MULTI 21 NUV-2019 Fall Torm U... Question Completion Status: QUESTION 26 As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase QUESTION 27 If the government imposes a $3000 tax on everyone, the tax would be: an income tax a consumption tax alump-sum tax a marginal tax QUESTION 28 Which of these tax systems does not...
QUESTION 28 Which of these tax systems does not allow for vertical equity (different treatment of different people) O proportional tax O progressive tax O regressive tax Olump-sum tax QUESTION 29 When a tax is justified on the basis that taxpayers receive specific government services, the tax is considered a horizontally equitable burden is minimized satisfies the benefits principle is considered vertically equitable QUESTION 30 The argument that each person should pay taxes according to how well the individual can...
QUESTION 25 Which of these is most influential on your decision to work extra hours at your job O the averge tax rate the total tax bill the marginal tax rate the lump sum tax rate QUESTION 26 As tax laws become more complex compliance costs are likely to decrease the government will collect more tax revenue tax evasion and avoidance will decrease the administrative burden of taxes will increase QUESTION 27 If the government imposes a $3000 tax on...
QUESTION 11 2 points Save Answer Public roads get congested, suggesting that public roads are Opublic goods rival private goods excludable QUESTION 12 2 points Save Answer To provide funding for an asteroid defense shield, the government will have tax the public rely on voluntary contributions leave financing to the private market Oprovide zero asteroid defense QUESTION 29 2 points Save Answer When a tax is justified on the basis that taxpayers receive specific government services, the tax is considered...
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