Question 1

-The above figure shows the labor market for land surveyors.The total amount collected as taxes equals

Accepted Answer

A)  area B + area C + area E + area F. 
B)  area D + area G. 
C)  area D + area F. 
D)  area B + area C. 
E)  area A. 
A)  area B + area C + area E + area F. 
B)  area D + area G. 
C)  area D + area F. 
D)  area B + area C. 
E)  area A.

Question 2

A tax on labor income

Accepted Answer

A)  increases the quantity employed because the demand for labor increases. 
B)  decreases the quantity employed because the supply of labor decreases. 
C)  increases the quantity employed because the supply of labor increases. 
D)  decreases the quantity employed because the demand for labor increases. 
E)  does not change the quantity employed because people must have jobs in order to earn any income. 
A)  increases the quantity employed because the demand for labor increases. 
B)  decreases the quantity employed because the supply of labor decreases. 
C)  increases the quantity employed because the supply of labor increases. 
D)  decreases the quantity employed because the demand for labor increases. 
E)  does not change the quantity employed because people must have jobs in order to earn any income.

Question 3

Which of the following is an example of a tax following the benefits principle?
i.sales taxes on gasoline are used to fund road maintenance projects
ii.federal income tax used to fund food stamps for poorer households
iii.property taxes used to finance public education

Accepted Answer

A)  i only 
B)  ii only 
C)  iii only 
D)  ii and iii 
E)  i, ii, and iii 
A)  i only 
B)  ii only 
C)  iii only 
D)  ii and iii 
E)  i, ii, and iii

Question 4

If the supply of capital is perfectly elastic,the incidence of a tax on capital income is

Accepted Answer

A)  paid entirely by the suppliers of capital. 
B)  paid entirely by firms that demand capital. 
C)  shared equally between firms that demand capital and the suppliers of capital. 
D)  shared but not equally between firms that demand capital and the suppliers of capital. 
E)  unknown. 
A)  paid entirely by the suppliers of capital. 
B)  paid entirely by firms that demand capital. 
C)  shared equally between firms that demand capital and the suppliers of capital. 
D)  shared but not equally between firms that demand capital and the suppliers of capital. 
E)  unknown.

Question 5

Sales taxes are usually collected from sellers,who view the tax as

Accepted Answer

A)  resulting from a leftward of the demand curve. 
B)  an additional cost of selling the good. 
C)  an addition to the demand for the product. 
D)  an addition to profit. 
E)  the same as a rightward shift of the demand curve. 
A)  resulting from a leftward of the demand curve. 
B)  an additional cost of selling the good. 
C)  an addition to the demand for the product. 
D)  an addition to profit. 
E)  the same as a rightward shift of the demand curve.

Question 6

If the supply of land is perfectly inelastic,what is the deadweight loss from a tax on land?

Accepted Answer

If the supply of land is perfe

Question 7

If we look at the percentage of total tax revenue collected by different taxes in the United States,we see that

Accepted Answer

A)  personal income taxes are the largest. 
B)  Social Security taxes are the largest. 
C)  excise taxes, while not the largest, are second only to Social Security taxes. 
D)  sales taxes are the smallest. 
E)  corporate income taxes are by far the largest. 
A)  personal income taxes are the largest. 
B)  Social Security taxes are the largest. 
C)  excise taxes, while not the largest, are second only to Social Security taxes. 
D)  sales taxes are the smallest. 
E)  corporate income taxes are by far the largest.

-The above figure shows the labor market for land surveyors.The total amount collected as taxes equals

A tax on labor income

Which of the following is an example of a tax following the benefits principle? i.sales taxes on gasoline are used to fund road maintenance projects ii.federal income tax used to fund food stamps for poorer households iii.property taxes used to finance public education

If the supply of capital is perfectly elastic,the incidence of a tax on capital income is

Sales taxes are usually collected from sellers,who view the tax as

If the supply of land is perfectly inelastic,what is the deadweight loss from a tax on land?

If we look at the percentage of total tax revenue collected by different taxes in the United States,we see that

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

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Exam 8: Taxes

-The above figure shows the labor market for land surveyors.The total amount collected as taxes equals

A tax on labor income

Which of the following is an example of a tax following the benefits principle? i.sales taxes on gasoline are used to fund road maintenance projects ii.federal income tax used to fund food stamps for poorer households iii.property taxes used to finance public education

If the supply of capital is perfectly elastic,the incidence of a tax on capital income is

Sales taxes are usually collected from sellers,who view the tax as

If the supply of land is perfectly inelastic,what is the deadweight loss from a tax on land?

If we look at the percentage of total tax revenue collected by different taxes in the United States,we see that

Getting Started

The Usand Global Economies

The Economic Problem

Demand and Supply

Elasticities of Demand and Supply

Efficiency and Fairness of Markets

Government Actions in Markets

Global Markets in Action

Externalities

Public Goods and Common Resources

Markets With Private Information

Consumer Choice and Demand

Production and Cost

Perfect Competition

Monopoly

Monopolistic Competition

Oligopoly

Markets for Factors of Production

Economic Inequality

Filters