Which of the following statements about the burden of a tax is correct ? A. The tax burden generated from a tax placed on a good consumer perceive to be a necessity will fall most heavily on the sellers of…
A tax placed on a good that is a necessity for consumers will likely generate a tax burden that ? A. falls more heavily on sellers B. falls entirely on sellersC. falls more heavily on buyers. D. is evenly distributed…
When a tax is collected from the buyers in a market, ? A. the tax burden falls most heavily on the buyers. B. the buyers bear the burden of the tax C. the sellers bear the burden of the taxD.…
Within the supply and demand model, a tax collected from the sellers of a good shift the ? A. demand curve downward by the size of the tax per unit. B. supply curve downward by the size of the tax…
Which of the following workers would be most likely to find it more difficult to get a job after a rise in the minimum wage rate? A. a teenage worker with few qualifications. B. A manual worker with fifteen years…
Which of the following is an example of price floor ? A. the minimum wage B. rent controls C. restricting petrol prices to Rs100 per litre when the equilibrium price is Rs150 per litre D. All of these answers are…
Which side of the market is more likely to lobby government for a price floor ? A. the buyers B. Neither buyers nor sellers desire a price floor.C. the sellers D. Both buyers and sellers desire a price floor.
A price floor ? A. always determines the price at which a good must be sold B. sets a legal maximum on the price at which a good can be sold C. is not a binding constraint if it is…
A binding price ceiling creates? A. a shortage or a surplus depending on whether the price ceiling is set above or below the equilibrium price B. a surplusC. a shortage D. an equilibrium
For which of the following products would the burden of a tax likely fall more heavily on the sellers ? A. Clothing B. food C. housingD. entertainment