Econ exercise

Learning Goal: I’m working on a economics multi-part question and need an explanation and answer to help me learn.

Question 13 pts

Consumers will be affected if the government imposes a tax on apples because

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Flag question: Question 2Question 23 pts

In most cases, taxes make markets less efficient because

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Flag question: Question 3Question 33 pts

Taxes cause

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Flag question: Question 4Question 43 pts

After a tax is imposed, the difference between the price that consumers pay and the price that sellers receive equals

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Flag question: Question 5Question 53 pts

What is the tax incidence?

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Flag question: Question 6Question 63 pts

The DWL from a tax will be smaller when a product has

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Flag question: Question 7Question 73 pts

The incidence of a tax is determined by

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Flag question: Question 8Question 83 pts

As the size of a tax rate increases, eventually

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Flag question: Question 9Question 93 pts

If the government puts a tax on the buyers of milk, then

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Flag question: Question 10Question 103 pts

The decrease in total surplus that occurs after a tax is imposed is called

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Flag question: Question 11Question 113 pts

Which of the following will decrease when the government puts a tax on a product?

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Flag question: Question 12Question 123 pts

The difference between social cost and private cost is the

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Flag question: Question 13Question 133 pts

Why do corrective taxes avoid the inefficiencies of most other taxes?

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Flag question: Question 14Question 143 pts

After a tax is imposed, the price paid by consumers ________ and the price received by sellers ________.

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Flag question: Question 15Question 153 pts

Externalities

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Flag question: Question 16Question 163 pts

SO Quantity.png

Which quantity is socially optimal?

Flag question: Question 17Question 173 pts

To internalize the externality in this market, the government should

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Flag question: Question 18Question 1810 pts

6 tax.png

Assume a tax of $6 per unit is imposed on this market.

  1. What will be the new quantity exchanged in this market? 
  2. What will be the new price that buyers pay? 
  3. What will be the new price that sellers receive? 
  4. How much of the tax will buyers pay? 
  5. How much of the tax will sellers pay? 

Flag question: Question 19Question 1915 pts

tax 2.png

Calculate the following:

Consumer Surplus = 

Producer Surplus = 

Tax Revenue = 

Total Surplus = 

Dead Weight Loss = 

Flag question: Question 20Question 2012 pts

10-2-1.jpg10-8-1.jpg

a. What is the external cost? 

b. What is the external benefit? 

c. Is the private market doing too much or too little in the first

graph? 

d. Is the private market doing too much or too little in the second graph? 

Flag question: Question 21Question 213 pts

tax 3.png

Suppose a tax was reduced from $6.00 to $3.00. Compared to the $6.00 tax, the lower tax would

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decrease tax revenue and decrease the deadweight loss from the tax.

tax revenue would stay the same and decrease the deadweight loss from the tax

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