61.Ifthegovernmentwantstoreducetheburningoffossilfuels,itshouldimposeataxon
a.buyersofgasoline.
b.sellersofgasoline.
c.eitherbuyersorsellersofgasoline.
d.whicheversideofthemarketislesselastic.
62.Thetermtaxincidencerefersto
a.whetherbuyersorsellersofagoodarerequiredtosendtaxpaymentstothegovernment.
b.whetherthedemandcurveorthesupplycurveshiftswhenthetaxisimposed.
c.thedistributionofthetaxburdenbetweenbuyersandsellers.
d.widespreadviewthattaxes(anddeath)aretheonlycertaintiesinlife.
63.Whenataxisplacedonthebuyersoflemonade,the
a.sellersbeartheentireburdenofthetax.
b.buyersbeartheentireburdenofthetax.
c.burdenofthetaxwillbealwaysbeequallydividedbetweenthebuyersandthesellers.
d.burdenofthetaxwillbesharedbythebuyersandthesellers,butthedivisionoftheburdenisnotalwaysequal.
64.Whichofthefollowingstatementsiscorrectconcerningtheburdenofataximposedontake-outfood?
a.Buyersbeartheentireburdenofthetax.
b.Sellersbeartheentireburdenofthetax.
c.Buyersandsellerssharetheburdenofthetax.
d.Wehavetoknowwhetheritisthebuyersorthesellersthatarerequiredtopaythetaxtothegovernmentinordertomakethisdetermination.
65.Thetaxincidence
a.isthemannerinwhichtheburdenofataxissharedamongparticipantsinamarket.
b.canbeshiftedtothebuyerbyimposingthetaxonthebuyersofaproductinamarket.
c.canbeshiftedtothesellerbyimposingthetaxonthesellersofaproductinamarket.
d.Alloftheabovearecorrect.
66.Howistheburdenofataxdivided?
(i)When the tax is levied on the sellers, the sellers bear a higher proportionofthetaxburden.
(ii)Whenthetaxisleviedonthebuyers,thebuyersbearahigherproportionofthetaxburden.
(iii)Regardlessofwhetherthetaxisleviedonthebuyersorthesellers,thebuyersandsellersbearanequalproportionofthetaxburden.
(iv)Regardlessofwhetherthetaxisleviedonthebuyersorthesellers,thebuyersandsellersbearsomeproportionofthetaxburden.
a.(i)and(ii)only
b.(iv)only
c.(i),(ii),and(iii)only
d.(i),(ii),and(iv)only
67.Whenataxisplacedonthesellersofenergydrinks,the
a.sellersbeartheentireburdenofthetax.
b.buyersbeartheentireburdenofthetax.
c.burdenofthetaxwillbealwaysbeequallydividedbetweenthebuyersandthesellers.
d.burdenofthetaxwillbesharedbythebuyersandthesellers,butthedivisionoftheburdenisnotalwaysequal.
68.Ifataxisleviedonthesellersofflour,then
a.buyerswillbeartheentireburdenofthetax.
b.sellerswillbeartheentireburdenofthetax.
c.buyersandsellerswillsharetheburdenofthetax.
d.thegovernmentwillbeartheentireburdenofthetax.
69.Supposethegovernmentimposesa20-centtaxonthesellersofartificially-sweetenedbeverages.Thetaxwouldshift
a.demand,raisingboththeequilibriumpriceandquantityinthemarketforartificially-sweetenedbeverages.
b.demand,loweringtheequilibriumpriceandraisingtheequilibriumquantityinthemarketforartificially-sweetenedbeverages.
c.supply,raisingtheequilibriumpriceandloweringtheequilibriumquantityinthemarketforartificially-sweetenedbeverages.
d.supply,loweringtheequilibriumpriceandraisingtheequilibriumquantityinthemarketforartificially-sweetenedbeverages.
70.Supposethegovernmentimposesa30-centtaxonthesellersofsoftdrinks.Which of the following isnotcorrect?Thetaxwould
a.shiftthesupplycurveupwardby30cents.
b.raisetheequilibriumpriceby30cents.
c.reducetheequilibriumquantity.
d.discouragemarketactivity.
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