Microeconomics Chapter 8 Quiz - Custom Scholars
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# Microeconomics Chapter 8 Quiz

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
\$3
question
the amount of tax on each unit of the good is
answer
\$5
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
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
\$3
question
the amount of tax on each unit of the good is
answer
\$5
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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