Homework Answers
Answer:
The incorrect tax collection claim is number b.
Because if tax imposed on a person who has a completely unsustainable price elasticity of demand, the deadweight loss will increase proportionately to the price elasticity of demand.
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Which of the following tax collection claims is incorrect? Choose one: a. The loss of welfare...
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the...
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the following statements is incorrect? Choose one: a. Consumer prices will be higher than before. b. Consumers carry the tax entirely alone. c. The demand curve will be offset to the left. d. The tax entails a loss of welfare. e. Manufacturers receive lower prices than before.
One of the following would not to lead to a deadweight loss. Which one? a. A...
One of the following would not to lead to a deadweight loss. Which one? a. A tax imposed on sellers when demand is downward sloping and supply is perfectly elastic b. A price ceiling that is set below the equilibrium price c. A subsidy paid to sellers when both demand and supply are elastic, but not infinite d. A tax imposed on sellers when demand is perfectly inelastic e. All the above will result to a deadweight loss
Complete the following table with the tax revenue collected and deadweight loss caused by each of the tax proposals.
3. Relationship between tax revenues, deadweight loss, and demand elasticityThe government is considering levying a tax of $60 per unit on suppliers of either concert tickets or bus passes. The supply curve for each of these two goods is identical, as you can see on each of the following graphs. The demand for concert tickets is shown by DC (on the first graph), and the demand for bus passes is shown by DB (on the second graph).Suppose the government taxes...
Text questions Which of the following statements about tax collection is correct? Choose one: a. Vertical equity means...
Text questions Which of the following statements about tax collection is correct? Choose one: a. Vertical equity means that everyone should pay the same amount of tax in ISK. b. A regressive tax means that those with the highest incomes pay proportionally the lowest tax. c. The Laffer curve shows that tax revenue will always continue to grow as the tax collection rate grows. d. Progressive tax means that those with the highest income pay proportionally the lowest tax. e....
11. The goals of optimal income taxation include all of the following EXCEPT: a. maximizing tax...
11. The goals of optimal income taxation include all of the following EXCEPT: a. maximizing tax revenue. b. minimizing the distortions due to taxation. c. maximizing the nation's social welfare function. d. achieving vertical equity. 12. Suppose that the elasticities of demand for apples, bananas, and peaches are –0.9, –1.6, and –0.8, respectively. Assume that all else is identical in these three products and that an identical tax is levied on each good. Rank the products from highest to lowest...
Which of the following statements is false regarding a progressive income tax system? Choose one: A....
Which of the following statements is false regarding a progressive income tax system? Choose one: A. People of all income levels pay a fixed percentage of their income in taxes. B. People with higher levels of income have higher marginal tax rates. C. A person with higher income pays more in tax dollars than someone with a lower income. D. A person with higher income pays a higher percentage of his or her income in taxes than someone with a...
2. Taxes and welfare Consider the market for designer purses. The following graph shows the demand...
2. Taxes and welfare Consider the market for designer purses. The following graph shows the demand and supply for designer purses before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer purses in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the...
Case Home Missionary Society Case what are the arguments? what is the problem? which are the...
Case Home Missionary Society Case
what are the arguments?
what is the problem?
which are the parties?
what is the conclution?
Case 2-2 HOME MISSIONARY SOCIETY CASE Home Frontier and Foreign Missionary Society of the United Brethren in Christ (United States v. Great Britain) Claim American and British Claims Arbitration Tribunal, 1920. United Nations Reports of International Arbitral Awards, 6, p. 42. AWARD OF THE TRIBUNAL is 1898, the collection of a tax newly imposed [by Great Britain) on the...
A government might choose to implement a price floor to O A. keep specific prices up....
A government might choose to implement a price floor to O A. keep specific prices up. O B. satisfy notions of equity. O c. give into powerful political groups. OD. All of the above have served as motivations. Demand and Supply Schedules for Chocolate Bars Price Quantity Demanded Quantity Supplied ($) (thousands per week) (thousands per week) 2.00 1500 2100 1.80 1600 2050 1.60 1700 2000 1.40 1800 1950 1.20 1900 1900 1.00 2000 1850 0.80 2100 1800 0.60 2200...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
Text questions A tax is imposed per kg. of sugar that consumers buy. Which of the following statements is incorrect? Choose one: a. Consumer prices will be higher than before. b. Consumers carry the tax entirely alone. c. The demand curve will be offset to the left. d. The tax entails a loss of welfare. e. Manufacturers receive lower prices than before.
Text questions Which of the following statements about tax collection is correct? Choose one: a. Vertical equity means that everyone should pay the same amount of tax in ISK. b. A regressive tax means that those with the highest incomes pay proportionally the lowest tax. c. The Laffer curve shows that tax revenue will always continue to grow as the tax collection rate grows. d. Progressive tax means that those with the highest income pay proportionally the lowest tax. e....
2. Taxes and welfare Consider the market for designer purses. The following graph shows the demand and supply for designer purses before the government imposes any taxes. First, use the black point (plus symbol) to indicate the equilibrium price and quantity of designer purses in the absence of a tax. Then use the green point (triangle symbol) to shade the area representing total consumer surplus (CS) at the equilibrium price. Next, use the purple point (diamond symbol) to shade the...
Case Home Missionary Society Case
what are the arguments?
what is the problem?
which are the parties?
what is the conclution?
Case 2-2 HOME MISSIONARY SOCIETY CASE Home Frontier and Foreign Missionary Society of the United Brethren in Christ (United States v. Great Britain) Claim American and British Claims Arbitration Tribunal, 1920. United Nations Reports of International Arbitral Awards, 6, p. 42. AWARD OF THE TRIBUNAL is 1898, the collection of a tax newly imposed [by Great Britain) on the...
A government might choose to implement a price floor to O A. keep specific prices up. O B. satisfy notions of equity. O c. give into powerful political groups. OD. All of the above have served as motivations. Demand and Supply Schedules for Chocolate Bars Price Quantity Demanded Quantity Supplied ($) (thousands per week) (thousands per week) 2.00 1500 2100 1.80 1600 2050 1.60 1700 2000 1.40 1800 1950 1.20 1900 1900 1.00 2000 1850 0.80 2100 1800 0.60 2200...
Paragraph One- Introduce your primary source "Chapter" (Economics of Public Issues, Miller et.al, 2014) claims....introduce the main point of the chapter and explain: Why should we care? How will this topic, issue, problem affect us? Or more to the point, who will benefit from knowing more about this issue, situation, problem. Why is this an important topic, issue, or problem? Paragraph Two Introduce the main points of your research. Make sure you give credit to at least two other sources....
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