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Question : 31) Suppose that, after government imposed an income tax labor : 1239155

Economics

 

31) Suppose that, after government imposed an income tax on labor income, the wages paid by employers rose $1.00 and the wages received by employees fell by $0.20. What does that reveal about the elasticities of supply and demand?

A) Supply is more elastic than demand.

B) Demand is more elastic than supply.

C) Supply and demand are equally elastic.

D) Both the supply and demand are inelastic.

E) Nothing because more information is needed to learn about the elasticities.

32) The deadweight loss of a tax on labor income is

A) larger for high-wage workers than for low-wage workers.

B) not part of the total burden of a tax.

C) not a burden workers do not pay that tax.

D) zero for all workers because the supply of labor is perfectly inelastic.

E) zero for low income workers and small for high income workers.

33) A tax on labor income ________ a deadweight loss for low-wage workers and ________ a deadweight loss for high-wage workers.

A) creates; creates

B) creates; does not create

C) does not create; creates

D) does not create; does not create

E) eliminates; eliminates

34) Taxes on labor income ________ a deadweight loss and ________ the supply of labor.

A) create; decrease

B) do not create; increase

C) create; increase

D) do not create; decrease

E) create; do not change

35) 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

A) remain at LS.

B) shift to LS1.

C) shift to LS2.

D) change so that it becomes the same as LD.

E) None of the above answers is correct.

36) 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. How much of the tax is paid by employers?

A) $0

B) $2

C) $4

D) $6

E) $600

37) 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. How much of the tax is paid by employees?

A) $0

B) $2

C) $4

D) $6

E) $600

38) 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. The deadweight loss from this tax equals the region

A) abe.

B) bce.

C) cef.

D) efg.

E) cdf.

 

39) The above figure shows the labor market for land surveyors. Dave is a land surveyor. What is the tax incidence for this income tax?

A) Though the employer pays some of the tax, Dave pays more of the income tax than his employer.

B) Dave pays the same amount of the income tax as his employer.

C) While Dave pays some of tax, Dave pays less of the income tax than his employer.

D) Dave does not pay any tax.

E) Dave’s employer does not pay any tax.

40) The above figure shows the labor market for land surveyors. Dave is a land surveyor. What is the total income tax Dave pays each year?

A) $1,500

B) $4,500

C) $3,000

D) $40,500

E) $45,000

 

 

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July 1, 2023
    

 

 

131. Fashion Jeans, Inc. sells two lines of jeans; Simple Life and Fancy Life. Simple Life sells for $85.00 a pair and Fancy Life sells for $100.00 a pair. The company sells all of its jeans on credit and estimates that 60% is collected in the month of the sale, 35% is collected in the following month, and the rest is considered to be uncollectible. The estimated sales for Simple are as follows: January 20,000 jeans, February 27,500 jeans, and March 25,000 jeans. The estimated sales for Fancy are as follows: January 18,000 jeans, February 19,000, and March 20,500 jeans. What are the expected cash receipts for the month of March? A. $3,988,125B. $2,505,000C. $2,125,000D. $4,175,000

 

132. The Blackbird Company estimates the following cash payments for the month of July:Total Direct Materials Purchases: July $635,000, June $500,000, May $575,000Total Direct Labor $67,000Other Manufacturing Costs (Including Depreciation $25,000) $160,000Selling and Administrative Expenses $55,000Capital Additions $50,000Dividends to Stockholders $30,000It is estimated that Material Purchases are paid at a rate of 70% in the month of purchase, with the remainder paid the following month. All other expenses are paid in the month they occur. A. $956,500B. $931,500C. $972,000D. $997,000

 

133. The operating budgets of a company include: A. the cash budgetB. the capital expenditures budgetC. the financing budgetD. the production budget

 

134. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for January? A. $26,700 excessB. $136,700 deficiencyC. $356,700 excessD. $60,000 excess

135. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for February? A. $109,100 deficiencyB. $10,900 excessC. $900 deficiencyD. $109,100 excess

 

136. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for March? A. $214,200 excessB. $15,800 excessC. $60,000 deficiencyD. $25,300 excess

 

 

 

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July 1, 2023
    

 

 

131. Fashion Jeans, Inc. sells two lines of jeans; Simple Life and Fancy Life. Simple Life sells for $85.00 a pair and Fancy Life sells for $100.00 a pair. The company sells all of its jeans on credit and estimates that 60% is collected in the month of the sale, 35% is collected in the following month, and the rest is considered to be uncollectible. The estimated sales for Simple are as follows: January 20,000 jeans, February 27,500 jeans, and March 25,000 jeans. The estimated sales for Fancy are as follows: January 18,000 jeans, February 19,000, and March 20,500 jeans. What are the expected cash receipts for the month of March? A. $3,988,125B. $2,505,000C. $2,125,000D. $4,175,000

 

132. The Blackbird Company estimates the following cash payments for the month of July:Total Direct Materials Purchases: July $635,000, June $500,000, May $575,000Total Direct Labor $67,000Other Manufacturing Costs (Including Depreciation $25,000) $160,000Selling and Administrative Expenses $55,000Capital Additions $50,000Dividends to Stockholders $30,000It is estimated that Material Purchases are paid at a rate of 70% in the month of purchase, with the remainder paid the following month. All other expenses are paid in the month they occur. A. $956,500B. $931,500C. $972,000D. $997,000

 

133. The operating budgets of a company include: A. the cash budgetB. the capital expenditures budgetC. the financing budgetD. the production budget

 

134. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for January? A. $26,700 excessB. $136,700 deficiencyC. $356,700 excessD. $60,000 excess

135. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for February? A. $109,100 deficiencyB. $10,900 excessC. $900 deficiencyD. $109,100 excess

 

136. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for March? A. $214,200 excessB. $15,800 excessC. $60,000 deficiencyD. $25,300 excess

 

 

 

default image
July 1, 2023
    

 

 

131. Fashion Jeans, Inc. sells two lines of jeans; Simple Life and Fancy Life. Simple Life sells for $85.00 a pair and Fancy Life sells for $100.00 a pair. The company sells all of its jeans on credit and estimates that 60% is collected in the month of the sale, 35% is collected in the following month, and the rest is considered to be uncollectible. The estimated sales for Simple are as follows: January 20,000 jeans, February 27,500 jeans, and March 25,000 jeans. The estimated sales for Fancy are as follows: January 18,000 jeans, February 19,000, and March 20,500 jeans. What are the expected cash receipts for the month of March? A. $3,988,125B. $2,505,000C. $2,125,000D. $4,175,000

 

132. The Blackbird Company estimates the following cash payments for the month of July:Total Direct Materials Purchases: July $635,000, June $500,000, May $575,000Total Direct Labor $67,000Other Manufacturing Costs (Including Depreciation $25,000) $160,000Selling and Administrative Expenses $55,000Capital Additions $50,000Dividends to Stockholders $30,000It is estimated that Material Purchases are paid at a rate of 70% in the month of purchase, with the remainder paid the following month. All other expenses are paid in the month they occur. A. $956,500B. $931,500C. $972,000D. $997,000

 

133. The operating budgets of a company include: A. the cash budgetB. the capital expenditures budgetC. the financing budgetD. the production budget

 

134. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for January? A. $26,700 excessB. $136,700 deficiencyC. $356,700 excessD. $60,000 excess

135. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for February? A. $109,100 deficiencyB. $10,900 excessC. $900 deficiencyD. $109,100 excess

 

136. A company is preparing completing their Cash Budget.  The following data has been prepared for Cash Receipts and payments.

 

January

February

March

Cash Receipts

$1,061,200

$1,182,400

$1,091,700

Cash Payments

$984,500

$1,210,000

$1,075,000

 

 

 

 

The company’s cash balance at January 1st is $290,000.  This company desires a minimum cash balance of $340,000. What is the amount of excess cash or deficiency of cash (after considering the minimum cash balance required) for March? A. $214,200 excessB. $15,800 excessC. $60,000 deficiencyD. $25,300 excess

 

 

 

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