71) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the smallest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

72) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the largest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

73) Tax incidence refers to

A) how government taxes are spent by the government.

B) the incidences of tax revolts by the taxpayers.

C) the amount of a tax minus its burden.

D) the division of the burden of a tax between the buyer and the seller.

E) tax revenue minus excess burden.

74) If a $1 sales tax is imposed on the sale of a CD, and neither the demand nor the supply is perfectly elastic or perfectly inelastic, then the price of a CD paid by consumers will

A) increase by $1 and fewer CDs will be bought.

B) increase by less than $1 and fewer CDs will be bought.

C) not change and the same number of CDs will be bought.

D) increase by $1 and the same number of CDs will be bought.

E) increase by more than $1 and fewer CDs will be bought.

75) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price paid by buyers and ________ in the equilibrium quantity.

A) rise; an increase

B) rise; a decrease

C) fall; an increase

D) fall; a decrease

E) a rise; no change

76) The graph shows the market for textbooks. If the government introduces a tax of $20 a textbook, then the price paid by buyers ________.

A) increases by $20

B) increases to $80 a textbook

C) decreases to $60 a textbook

D) is $70 a textbook

E) does not change because the demand for textbooks is perfectly elastic

77) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price received and kept by sellers and a ________ in the price paid by buyers.

A) rise; rise

B) rise; fall

C) fall; rise

D) fall; fall

E) no change; rise

78) Suppose the demand for barley is perfectly elastic. The supply curve of barley is upward sloping. If a tax is imposed on barley,

A) barley sellers pay the entire tax.

B) barley buyers pay the entire tax.

C) the government pays the entire tax.

D) the tax is split evenly between barley buyers and sellers.

E) who pays the tax depends on whether the government imposes the tax on barley sellers or on barley buyers.

79) The demand for apple pies is perfectly elastic. If the government taxes apple pies at $1 a pie, then ________.

A) the seller pays the entire tax

B) the buyer pays the entire tax

C) the seller and the buyer split the tax evenly

D) the seller and the buyer split the tax but the seller pays more

E) who pays the tax depends on whether the government imposes the tax on pie buyers or on pie sellers

80) At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then

A) the seller pays the entire tax.

B) the buyer pays the entire tax.

C) the seller and the buyer split the tax evenly.

D) the seller and the buyer split the tax but the seller pays more.

E) no one pays the tax because the wheat must be harvested or it will go to waste.

71) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the smallest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

72) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the largest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

73) Tax incidence refers to

A) how government taxes are spent by the government.

B) the incidences of tax revolts by the taxpayers.

C) the amount of a tax minus its burden.

D) the division of the burden of a tax between the buyer and the seller.

E) tax revenue minus excess burden.

74) If a $1 sales tax is imposed on the sale of a CD, and neither the demand nor the supply is perfectly elastic or perfectly inelastic, then the price of a CD paid by consumers will

A) increase by $1 and fewer CDs will be bought.

B) increase by less than $1 and fewer CDs will be bought.

C) not change and the same number of CDs will be bought.

D) increase by $1 and the same number of CDs will be bought.

E) increase by more than $1 and fewer CDs will be bought.

75) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price paid by buyers and ________ in the equilibrium quantity.

A) rise; an increase

B) rise; a decrease

C) fall; an increase

D) fall; a decrease

E) a rise; no change

76) The graph shows the market for textbooks. If the government introduces a tax of $20 a textbook, then the price paid by buyers ________.

A) increases by $20

B) increases to $80 a textbook

C) decreases to $60 a textbook

D) is $70 a textbook

E) does not change because the demand for textbooks is perfectly elastic

77) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price received and kept by sellers and a ________ in the price paid by buyers.

A) rise; rise

B) rise; fall

C) fall; rise

D) fall; fall

E) no change; rise

78) Suppose the demand for barley is perfectly elastic. The supply curve of barley is upward sloping. If a tax is imposed on barley,

A) barley sellers pay the entire tax.

B) barley buyers pay the entire tax.

C) the government pays the entire tax.

D) the tax is split evenly between barley buyers and sellers.

E) who pays the tax depends on whether the government imposes the tax on barley sellers or on barley buyers.

79) The demand for apple pies is perfectly elastic. If the government taxes apple pies at $1 a pie, then ________.

A) the seller pays the entire tax

B) the buyer pays the entire tax

C) the seller and the buyer split the tax evenly

D) the seller and the buyer split the tax but the seller pays more

E) who pays the tax depends on whether the government imposes the tax on pie buyers or on pie sellers

80) At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then

A) the seller pays the entire tax.

B) the buyer pays the entire tax.

C) the seller and the buyer split the tax evenly.

D) the seller and the buyer split the tax but the seller pays more.

E) no one pays the tax because the wheat must be harvested or it will go to waste.

71) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the smallest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

72) The above figure shows the supply curves in four different markets. If each of the markets has an identical downward sloping demand curve and the same tax is levied on suppliers, which market would produce the largest amount of deadweight loss?

A) A

B) B

C) C

D) D

E) A and D

73) Tax incidence refers to

A) how government taxes are spent by the government.

B) the incidences of tax revolts by the taxpayers.

C) the amount of a tax minus its burden.

D) the division of the burden of a tax between the buyer and the seller.

E) tax revenue minus excess burden.

74) If a $1 sales tax is imposed on the sale of a CD, and neither the demand nor the supply is perfectly elastic or perfectly inelastic, then the price of a CD paid by consumers will

A) increase by $1 and fewer CDs will be bought.

B) increase by less than $1 and fewer CDs will be bought.

C) not change and the same number of CDs will be bought.

D) increase by $1 and the same number of CDs will be bought.

E) increase by more than $1 and fewer CDs will be bought.

75) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price paid by buyers and ________ in the equilibrium quantity.

A) rise; an increase

B) rise; a decrease

C) fall; an increase

D) fall; a decrease

E) a rise; no change

76) The graph shows the market for textbooks. If the government introduces a tax of $20 a textbook, then the price paid by buyers ________.

A) increases by $20

B) increases to $80 a textbook

C) decreases to $60 a textbook

D) is $70 a textbook

E) does not change because the demand for textbooks is perfectly elastic

77) Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in a ________ in the price received and kept by sellers and a ________ in the price paid by buyers.

A) rise; rise

B) rise; fall

C) fall; rise

D) fall; fall

E) no change; rise

78) Suppose the demand for barley is perfectly elastic. The supply curve of barley is upward sloping. If a tax is imposed on barley,

A) barley sellers pay the entire tax.

B) barley buyers pay the entire tax.

C) the government pays the entire tax.

D) the tax is split evenly between barley buyers and sellers.

E) who pays the tax depends on whether the government imposes the tax on barley sellers or on barley buyers.

79) The demand for apple pies is perfectly elastic. If the government taxes apple pies at $1 a pie, then ________.

A) the seller pays the entire tax

B) the buyer pays the entire tax

C) the seller and the buyer split the tax evenly

D) the seller and the buyer split the tax but the seller pays more

E) who pays the tax depends on whether the government imposes the tax on pie buyers or on pie sellers

80) At harvest time the supply of wheat is perfectly inelastic. If the government taxes wheat at $1 a bushel, then

A) the seller pays the entire tax.

B) the buyer pays the entire tax.

C) the seller and the buyer split the tax evenly.

D) the seller and the buyer split the tax but the seller pays more.

E) no one pays the tax because the wheat must be harvested or it will go to waste.

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