Xtotal amount of consumersurplus lost due to the taxamount of consumersurplus lost due to the taxwhich is part of deadweightlossconsumer surplus beforethe tax is imposedamount of consumersurplus lost due to the taxwhich is part of tax revenuereceived by governmentconsumer surplus after thetax is imposedAm1. A + B +F2. A3. B + F4. F5. B

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total amount of consumer surplus lost due to the tax 1. A+B+F amount of consumer surplus lost due to the tax which is part of deadweight loss 2. A consumer surplus before 3. B+F the tax is imposed 4. F amount of consumer surplus lost due to the tax which is part of tax revenue received by government 5. B consumer surplus after the tax is imposed

total amount of consumer surplus lost due to the tax 1. A+B+F amount of consumer surplus lost due to the tax which is part of deadweight loss 2. A consumer surplus before 3. B+F the tax is imposed 4. F amount of consumer surplus lost due to the tax which is part of tax revenue received by government 5. B consumer surplus after the tax is imposed

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question 25 The burden of a tax on a good is said to fall completely on the producers if the: a. wages received by workers who produce the good increase by the amount of the tax. b. price paid by consumers for the good increases by the amount of the tax. c. price paid by consumers does not change. d. price paid by consumers for the good declines by the amount of the tax.
Tax incidence refers to ? A. the average tax rate. B.how much revenue a tax generates. C.the extent to which a tax is proportional. D. who bears the burden of a tax.
5. Calculating tax incidence Suppose that the U.S. government decides to charge cola producers a tax. Before the tax, 25 million cases of cola were sold every month at a price of $7 per case. After the tax, 18 million cases of cola are sold every month; consumers pay $8 per case, and producers receive $5 per case (after paying the tax). The amount of the tax on a case of cola is $ per case. Of this amount, the burden that falls on consumers is $ per case, and the burden that falls on producers is $ per case. True or False: The effect of the tax on the quantity sold would have been smaller if the tax had been levied on consumers. O True O False
Question 4 Figure #3: The graph below represents a $10 per unit tax on a good then the amount bought and sold in the market is only 4 units. Note that Q represents quantity and P represents price. P. 24 20 A 16 Supply 12 GIH 8. 4. K M Demand 4 6 10 12 14 16 Refer to Figure #3. The government collects tax revenue that is (or are) the area(s) represented by the area OF-G-L OL OB-D Oc-F
Explain whether the state of Tennessee had a surplus in fiscal year 2019. A The state did not have a surplus in fiscal year 2019 because the total revenues were equal to the total expenditures. B The state had a surplus in fiscal year 2019 because total revenues were about $7.676 billion more than total expenditures. C The state did not have a surplus in fiscal year 2019 because total expenditures were about $7.676 billion more than total revenues. D The state had a surplus in fiscal year 2019 because total revenues were about $53.441 billion
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