Homework Answers
The burden of tax falls more on the inelastic side, so if demand is relatively inelastic, then burden of tax falls more on buyers while burden of tax will be less on the sellers and vice-versa.
So with the imposition of tax either on consumers or producers, the price paid by the consumer increase and price received by the producer decreases.
Hence it can be said that a tax on orange juice would cause the price paid by consumers to increase and the price received by producer to decrease.
Hence option 2 is the correct answer.
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ULICE Question 39 (2.5 points) A tax on orange juice would cause the price paid by...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand for grape juice rises. demand for grape juice falls. supply of orange juice falls. QUESTION 31 A decrease in the price of on-demand video streaming services such as Netflix leads to an): increase in the demand for DVD players. increase in the quantity demanded for DVDs. increase in the demand for DVDs. decrease in the demand for DVDs QUESTION 32 Which of the following...
Question 7 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately...
Question 7 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean? O If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased. OA1 percent decrease in the price of grapefruit juice leads to a6 percent increase in orange juice consumption The demand for orange juice is 6 times greater than the demand for grapefruit juice. A6 percent increase in the price of...
Question 1 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately...
Question 1 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean? If the price of grapefruit juice rises by $1.6 more cartons of orange juice will be purchased. A1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption A6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption The demand for orange...
Question 25 (2.5 points) Which of the following would cause a downward shift in the consumption...
Question 25 (2.5 points) Which of the following would cause a downward shift in the consumption function? a tax decrease an increase in wealth a stock market crash a decrease in the price level expectations of higher future income Question 26 (2.5 points) According to supply-side economists, the by curve will shift to the caused AD; right; more investment AD; left; more saving AS; right; more investment AS; left; more saving money supply; right; lower interest rates Question 28 (2.5...
Question 43 2 pts A tax on milk would likely cause an increase in the O...
Question 43 2 pts A tax on milk would likely cause an increase in the O price producers receive for milk. O amount of milk sold. O price consumers pay for milk. O revenues earned from selling milk. profits earned by selling milk. Question 44 2 pts The net cost to society from the imposition of a tax is also known as
please answer all Question 22 2.5 pts Which of the following will not cause the supply...
please answer all
Question 22 2.5 pts Which of the following will not cause the supply curve to shift? A technological change in the production of the good A change in the prices of other goods that producers could be producing A change in the costs of resources needed to produce the good A change in the price of the good 2.5 pts Question 23 A fall in the price of milk, used in the production of ice cream, will:...
QUESTION 7 Figure: The vertical distance between points A and C represents a tax in the...
QUESTION 7 Figure: The vertical distance between points A and C represents a tax in the market. T Price Supply 1000 900+ 800 700+ 600 + 500+ 400 300 C 200+ 100 Demand 10 20 30 40 50 60 70 80 90 100110 Quantty Refer to Figure. After the taxes a. there will be a loss to the consumers of the amount $4,000. Б. there will be a loss to the consumers of the amount S6,000. Cthere will be a...
2.5 points QUESTION 15 Which of the following would shift the supply of Florida Oranges to the left? On a hurricane...
2.5 points QUESTION 15 Which of the following would shift the supply of Florida Oranges to the left? On a hurricane in Florida destroying a major part of the crop b. an increase in the price of water per unit, a major input, used to irrigate the orange trees c. one of the orange grooves shuts down d all of the above QUESTION 16 All the factors below are causes of diminishing marginal returns, except a The "fixity of some...
QUESTION 16 If the world price of cotton is less that the price that would occur...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
QUESTION 30 As the price of orange juice rises, the: demand for orange juice falls. demand for grape juice rises. demand for grape juice falls. supply of orange juice falls. QUESTION 31 A decrease in the price of on-demand video streaming services such as Netflix leads to an): increase in the demand for DVD players. increase in the quantity demanded for DVDs. increase in the demand for DVDs. decrease in the demand for DVDs QUESTION 32 Which of the following...
Question 7 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean? O If the price of grapefruit juice rises by $1, 6 more cartons of orange juice will be purchased. OA1 percent decrease in the price of grapefruit juice leads to a6 percent increase in orange juice consumption The demand for orange juice is 6 times greater than the demand for grapefruit juice. A6 percent increase in the price of...
Question 1 Suppose the cross-price elasticity of demand between grapefruit juice and orange juice is approximately 6. What does this mean? If the price of grapefruit juice rises by $1.6 more cartons of orange juice will be purchased. A1 percent decrease in the price of grapefruit juice leads to a 6 percent increase in orange juice consumption A6 percent increase in the price of grapefruit juice leads to a 1 percent increase in orange juice consumption The demand for orange...
Question 25 (2.5 points) Which of the following would cause a downward shift in the consumption function? a tax decrease an increase in wealth a stock market crash a decrease in the price level expectations of higher future income Question 26 (2.5 points) According to supply-side economists, the by curve will shift to the caused AD; right; more investment AD; left; more saving AS; right; more investment AS; left; more saving money supply; right; lower interest rates Question 28 (2.5...
Question 43 2 pts A tax on milk would likely cause an increase in the O price producers receive for milk. O amount of milk sold. O price consumers pay for milk. O revenues earned from selling milk. profits earned by selling milk. Question 44 2 pts The net cost to society from the imposition of a tax is also known as
please answer all
Question 22 2.5 pts Which of the following will not cause the supply curve to shift? A technological change in the production of the good A change in the prices of other goods that producers could be producing A change in the costs of resources needed to produce the good A change in the price of the good 2.5 pts Question 23 A fall in the price of milk, used in the production of ice cream, will:...
QUESTION 7 Figure: The vertical distance between points A and C represents a tax in the market. T Price Supply 1000 900+ 800 700+ 600 + 500+ 400 300 C 200+ 100 Demand 10 20 30 40 50 60 70 80 90 100110 Quantty Refer to Figure. After the taxes a. there will be a loss to the consumers of the amount $4,000. Б. there will be a loss to the consumers of the amount S6,000. Cthere will be a...
2.5 points QUESTION 15 Which of the following would shift the supply of Florida Oranges to the left? On a hurricane in Florida destroying a major part of the crop b. an increase in the price of water per unit, a major input, used to irrigate the orange trees c. one of the orange grooves shuts down d all of the above QUESTION 16 All the factors below are causes of diminishing marginal returns, except a The "fixity of some...
QUESTION 16 If the world price of cotton is less that the price that would occur domestically without trade, then a country will decrease its demand for cotton and increase its demand for cotton substitutes increase its demand for cotton and decrease its demand for cotton substitutes import cotton export cotton QUESTION 17 A trade quota is a restriction on the quantity of goods that can be imported a tax on imports a tax on exports the restriction of trade...
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