1.When a tax is levied on a good, the buyers and sellers of the good share the burden…A.provided a portion of the tax is levied on the buyers, with the remaining portion levied on the sellers.B.provided the tax is levied on the sellers.C.regardless of how the tax is levied.D.provide the tax is levied on the buyers.2.A deadweight loss is a consequence of a tax on a good because the tax…A.induces the government to increase it expenditures.B.induces buyers to consume less, and sellers to produce less, of that good.C.imposes a loss on buyers that is greater than the loss to sellers.D.causes equilibrium in the market.3.The supply curve and the demand curve for widgets are straight lines. Suppose the equilibrium quantity in the market for widgets is 200 per month when there is no tax. Then a tax of $5 per widget is imposed. The price paid by buyers increase by $2 and the after-tax price received by sellers falls by $3. The government is able to raise $750 per month in revenue from the tax. The deadweight loss from the tax is…A.$50B.$250C.$75D.$1254.The Laffer curve relates…A.the price elasticity of supply to the deadweight loss of the tax.B.the tax rate to tax revenue raised by the tax.C.government welfare payments to the birth rate.D.the tax rate to the deadweight loss of the tax.5.When a country is on the downward-sloping side of the Laffer curves, a cut in the tax rate will…A.increase tax revenue and increase the deadweight loss.B.decrease tax revenue and decrease the deadweight loss.C.increase tax revenue and decrease the deadweight loss.D.decrease tax revenue and increase the deadweight loss.
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