Homework Answers
49. More the elasticity, more will be the deadweight loss.
Hence, false.
50. If elastic goods are taxed, as price increases a considerable amount of consumption is given up which would even reduce government income. Hence, false.
51. True.
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Question 49 (1 point) Deadweight loss will be larger when the demand curve is more inelastic....
Taxing goods with relatively inelastic demand will result in more "deadweight" efficiency loss per dollar of...
Taxing goods with relatively inelastic demand will result in more "deadweight" efficiency loss per dollar of tax revenue than taxing goods with relatively elastic demand. True False
The more inelastic are demand and supply, the greater is the deadweight loss of a tax....
The more inelastic are demand and supply, the greater is the deadweight loss of a tax. True False
QUESTION 6 The deadweight loss associated with a per-unit tax will be small relative to the...
QUESTION 6 The deadweight loss associated with a per-unit tax will be small relative to the tax revenue collected if: supply and demand are both elastic. O A. supply and demand are both inelastic. OB. supply is elastic, demand is inelastic. OC demand is elastic, supply is inelastic. OD. QUESTION 7 Consider the following statements when answering this question 1. It is not possible to help consumers by simply shifting taxes from consumers paying them to producers paying them. II....
Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss LA 4.000 3.50 3.00 50 Price per...
Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss LA 4.000 3.50 3.00 50 Price per pound (dollars) a 1.00 0.50 0 1 7 2 3 5 6 Quantity of Ground Beef (millions of pounds per year) 34. As shown in Exhibit 3A-1, if the quantity supplied is 6 million pounds of ground beef per year, the result is: a. overproduction. b. inefficiency. c. deadweight loss. d. all of the above are true. e. none of the above are true....
Attempts: Average: /2 4. Problems and Applications Q4 Suppose that the government imposes a tax on...
Attempts: Average: /2 4. Problems and Applications Q4 Suppose that the government imposes a tax on heating oil True or False: The revenue collected from this tax would likely be larger in the first year after it is imposed than in the fifth year. True False True or False: The deadweight loss from this tax would likely be smaller in the fifth year after it is imposed than in the first year as demand for heating oil become more elastic....
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts...
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will...
1)Explain what it means when demand is inelastic? 2) If demand is elastic, total revenue will increase when the price decreases? True or False? 3) The price elasticity of supply will be a smaller number when it is relatively easy for sellers to increase their supply. ( True or False)? 4) Demand is more elastic when the absolute value of the price elasticity of demand is larger. ( True or False)? 5) If the quantity demanded of one good increases...
Question 9 Which of the following statements is true? The demand curve for a necessity is...
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
1. The area below the price and above the supply curve measures the producer surplus in...
1. The area below the price and above the supply curve measures the producer surplus in a market. True False The more inelastic are demand and supply, the greater is the deadweight loss of a tax. True False
15.Demand tends to be more elastic when A. price is high, and more inelastic when price...
15.Demand tends to be more elastic when A. price is high, and more inelastic when price is low. B. price is low, and more inelastic when price is high. C. the demand curve is very steep. D. the quantity demanded is larger. 16.If increasing the admission charge for National Parks increases the National Park Service’s total revenue, then the demand for National Park visits is A.inelastic. B.elastic, but not perfectly elastic. C.perfectly elastic. D.a perfectly horizontal line. 20. When consumers’...
Taxing goods with relatively inelastic demand will result in more "deadweight" efficiency loss per dollar of tax revenue than taxing goods with relatively elastic demand. True False
QUESTION 6 The deadweight loss associated with a per-unit tax will be small relative to the tax revenue collected if: supply and demand are both elastic. O A. supply and demand are both inelastic. OB. supply is elastic, demand is inelastic. OC demand is elastic, supply is inelastic. OD. QUESTION 7 Consider the following statements when answering this question 1. It is not possible to help consumers by simply shifting taxes from consumers paying them to producers paying them. II....
Exhibit 3A-1 Comparison of Market Efficiency and Deadweight Loss LA 4.000 3.50 3.00 50 Price per pound (dollars) a 1.00 0.50 0 1 7 2 3 5 6 Quantity of Ground Beef (millions of pounds per year) 34. As shown in Exhibit 3A-1, if the quantity supplied is 6 million pounds of ground beef per year, the result is: a. overproduction. b. inefficiency. c. deadweight loss. d. all of the above are true. e. none of the above are true....
Attempts: Average: /2 4. Problems and Applications Q4 Suppose that the government imposes a tax on heating oil True or False: The revenue collected from this tax would likely be larger in the first year after it is imposed than in the fifth year. True False True or False: The deadweight loss from this tax would likely be smaller in the fifth year after it is imposed than in the first year as demand for heating oil become more elastic....
O Aflat demand curve is always more elastic than a steep one Question 16 1 pts 16. In general, a demand curve becomes more inelastic when more substitutes are available to consumers O consumers spend a larger share of income on the good we are focusing on a shorter period of time better technology are available to the producers Question 17 1 nts
Question 9 Which of the following statements is true? The demand curve for a necessity is more elastic than the demand curve for a luxury. The more time that passes the more inelastic the demand for a product becomes. The more narrowly we define a market, the more elastic the demand for a product will be. In general, if a product has few substitutes it will have an elastic demand. OOOO Question 10 The income elasticity of demand measures the...
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