Exam 8: Taxes

-The above figure shows the market for buckets of golf balls at the driving range.A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S₀ to S₁.The total tax revenue is equal to

A $2.00 increase in the size of a tax on a good will only cause the price for buyers to increase by $2.00 if

-The figure above shows the labor supply and labor demand curves for personal trainers in the state of Florida.The initial equilibrium hourly wage is $10.Suppose the state of Florida institutes an income tax on labor income of $6 an hour in order to buy voting machines for the next election.With the tax in place, the labor supply curve will

-The above figure shows the market for gourmet ice cream.In effort to reduce obesity, government places a $2 tax per gallon on suppliers in this market, shifting the supply curve from S₀ to S₁.The quantity of ice cream consumed before the tax is ________ gallons and the quantity consumed after the tax is ________ gallons.

A sales tax imposed on sellers of a good

If highly paid entertainers prefer to perform and would do so even if their pay were much lower, a tax of half of the entertainers' incomes would do which of the following?

From the standpoint of efficiency, imposing a tax on the income from what type of resource is best because it creates the least inefficiency?

-The figure above shows the market for tires.The government has imposed a tax on tires, and the buyers pay ________ of the tax.

________ tax rate equals ________.

Because the supply of land is perfectly inelastic, when governments tax land, the tax

-The above figure shows the market for buckets of golf balls at the driving range.A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S₀ to S₁.The quantity of buckets without the tax is ________ and the quantity with the tax is ________.

A tax on income from land in Montana is borne entirely by landowners because the

Taxes on corporate profit are a type of ________ tax.

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

Suppose the supply of apartments in Minneapolis is perfectly elastic.The effect of a $100 per month tax on all apartments is that

The phrase "tax incidence" refers to

The proposition that people should pay taxes equal to the benefits they receive from public services is known as the

The size of the deadweight loss, or excess burden, of a tax depends on the

If Congress wanted to change the social security tax so that firms paid most of the tax, they would need to

-The figure above shows the impact of an income tax.The deadweight loss created by the income tax equals area