Microeconomics Chapter 8 Quiz

question

the social security tax is a tax on

answer

labor

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If T represents the size of the tax on a good and Q represents the quantity of the good that is sold, total tax revenue received by the government can be expressed as

answer

T x Q

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the amount of deadweight loss as a result of the tax is

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$2.5

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the vertical distance between points E and F represents a tax in the market. The per-unit burden of the tax on buyers is

answer

question

the amount of tax on each unit of the good is

answer

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total surplus without the tax is

answer

$10, and total surplus with the tax is $7.5

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producer surplus without the tax is

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$4, and producer surplus with the tax is $1

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consumer surplus without the tax is

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$6, and consumer surplus with the tax is $1.5

question

graph (a) and graph (b) each illustrate a $4 tax placed on a market. in comparison to graph (a), graph (b) illustrates which of the following statements?

answer

When demand is relatively inelastic, the deadweight loss of a tax is smaller than when demand is relatively elastic.

question

as a result of the tax,

answer

the market experiences a deadweight loss of $80

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suppose the government imposes a tax on cheese. the deadweight loss from this tax will likely be greater in the

answer

eighth year after it is imposed than in the first year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year

question

when a tax is levied on a good, the buyers and sellers of the good share the burden,

answer

regardless of how the tax is levied

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the size of a tax and the deadweight loss that results from the tax are

answer

positively related

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the deadweight loss from a tax per unit of good will be smallest in a market with

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inelastic supply and inelastic demand

1 of 14

question

the social security tax is a tax on

answer

labor

question

If T represents the size of the tax on a good and Q represents the quantity of the good that is sold, total tax revenue received by the government can be expressed as

answer

T x Q

question

the amount of deadweight loss as a result of the tax is

answer

$2.5

question

the vertical distance between points E and F represents a tax in the market. The per-unit burden of the tax on buyers is

answer

question

the amount of tax on each unit of the good is

answer

question

total surplus without the tax is

answer

$10, and total surplus with the tax is $7.5

question

producer surplus without the tax is

answer

$4, and producer surplus with the tax is $1

question

consumer surplus without the tax is

answer

$6, and consumer surplus with the tax is $1.5

question

graph (a) and graph (b) each illustrate a $4 tax placed on a market. in comparison to graph (a), graph (b) illustrates which of the following statements?

answer

When demand is relatively inelastic, the deadweight loss of a tax is smaller than when demand is relatively elastic.

question

as a result of the tax,

answer

the market experiences a deadweight loss of $80

question

suppose the government imposes a tax on cheese. the deadweight loss from this tax will likely be greater in the

answer

eighth year after it is imposed than in the first year after it is imposed because demand and supply will be less elastic in the first year than in the eighth year

question

when a tax is levied on a good, the buyers and sellers of the good share the burden,

answer

regardless of how the tax is levied

question

the size of a tax and the deadweight loss that results from the tax are

answer

positively related

question

the deadweight loss from a tax per unit of good will be smallest in a market with

answer

inelastic supply and inelastic demand

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Microeconomics Chapter 8 Quiz

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