Which of the following would not be a result of rising oil prices, and thius gas prices Consumers look for substitutes like motorcycles in place of automobiles Oil companies search for more oil Honda Motor Company innovating a more fuel efficient car The government sets a floor price for gasoline

Which of the following would not be a result of rising oil prices, and thius gas prices Consumers look for substitutes like motorcycles in place of automobiles Oil companies search for more oil Honda Motor Company innovating a more fuel efficient car The government sets a floor price for gasoline

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

Which of the following would not be a result of rising oil prices, and thius gas prices
Consumers look for substitutes like motorcycles in place of automobiles
Oil companies search for more oil
Honda Motor Company innovating a more fuel efficient car
The government sets a floor price for gasoline

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In 2020 the UK government introduced a sales tax on all products bought online from overseas. Please note this is not a tariff – it is a tax. The tax will be 2% of the value of the products sold in the UK. This tax is collected from online sellers such as Amazon or ebay. Source: BBC (2019). See link: https://www.bbc.com/news/business-50656106 Consider the market for online products. The initial market equilibrium is at 10 million products sold per year at an average price of $500 each. Then, the UK government imposes a tax on the market, collected from sellers (for example Amazon and ebay). The tax is 2% per item (each item has an average price of $500). Show the effect of this on the market for online products. Show the effect on consumers of online products, on the online sellers and on the government. Does the UK economy gain or lose as a result of the tax? Explain why. Use a diagram to support your answer.
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