Economics Mcqs

A. generate a deadweight loss that is unaffected by the time period over which it is measured
B. cause a greater deadweight loss in the long run when compared to the short run
C. None of these answers
D. cause a greater deadweight loss in the short run when compared to the long run.

A. The buyers pay a larger portion of the tax because demand is more inelastic than supply
B. The sellers pay a larger portion of the tax because supply is more elastic than demand
C. The buyers pay a larger portion of the tax because demand is more elastic then supply
D. The sellers pay a larger portion of the tax because supply is more inelastic than demand

A. A + B + C + D+ E +F
B. A + B + C + D
C. A + D
D. B + C + E + F

A. C + F
B. A
C. B
D. C

A. A + B + E
B. A + B + C + D
C. A
D. D

A. A + B + E
B. D
C. C + F
D. C + D + F

A. All these answers can be supported by the benefits principle of taxation
B. Progressive income taxes used to pay for national defense
C. Petrol taxes used to pay for roads
D. property taxes used to pay for policies and the court system

A. all taxpayers pay the same amount of tax
B. taxes on all goods are levied at the same rate
C. taxes are as low as possible
D. the system comprises only lump sum taxes
E. taxpayers with similar abilities to pay taxes pay the same amount

A. Proportional tax rate
B. average tax rate
C. marginal tax rate
D. vertical tax rate
E. horizontal tax rate

A. efficient
B. progressive
C. regressive
D. proportional