Economics Mcqs

If we consider the impact on both consumers and producers, then protection of the steel industry is ?

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If we consider the impact on both consumers and producers, then protection of the steel industry is ?

A. In the interest of the U.S as a whole but not in the interest of the state of Pennsylvania where steel mills are located
B. In the interest of the U.S as a whole and in the interest of the state of Pennsylvania
C. Not in the interest of the U.S as a whole, but it might be in the interest of the state of Pennsylvania
D. Not in the interest of the U.S as a whole, nor in the interest of the state of Pennsylvania

A progressive tax system is one where ?

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A progressive tax system is one where ?

A. marginal tax rates are high.
B. higher income taxpayers pay more taxes than do lower income taxpayers.
C. marginal tax rates are low.
D. higher income taxpayers pay a greater percentage of their income in taxes than do lower income taxpayers.

An efficient tax ?

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An efficient tax ?

A. minimizes the administrative burden form the tax
B. does all the things describe in these answers
C. raises revenue at the smallest possible cost to taxpayers.
D. minimize the deadweight loss from the tax.

Sana values a pair of blue jeans at Rs400. If the price is Rs350 Sana buys the jeans and generates consumer surplus of Rs50 Suppose a tax is placed on blue jeans that causes the price of blue jeans to rise to Rs450 Now sana chooses not to buy a pair of?

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Sana values a pair of blue jeans at Rs400. If the price is Rs350 Sana buys the jeans and generates consumer surplus of Rs50 Suppose a tax is placed on blue jeans that causes the price of blue jeans to rise to Rs450 Now sana chooses not to buy a pair of?

A. the deadweight has demonstrated
B. the ability-to-pay principle
C. the benefits principle
D. horizontal equity
E. The administrative burden of a tax.

Since the supply of undeveloped land is relatively inelastic a tax on undeveloped land would generate ?

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Since the supply of undeveloped land is relatively inelastic a tax on undeveloped land would generate ?

A. a small deadweight loss and the burden of the tax would fall on the renter
B. a large deadweight loss and the burden of the tax would fall on the landlora
C. a large deadweight loss and the burden of the tax would fall on the renter.
D. a small deadweight loss and the burden of the tax would fall on the landlord