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Calculating tax incidence
Suppose that the U.S. government decides to charge beer consumers a tax. Before the tax, 15 billion cases of beer were sold every year at a price of $7 per case. After the tax, 9 billion cases of beer are sold every year; consumers pay $10 per case (including the tax), and producers receive $4 per case.
The amount of the tax on a case of beer is $_______ per case. Of this amount, the burden that falls on consumers is $______ per case, and the burden that falls on producers is $______ per case.
True or False: The effect of the tax on the quantity sold would have been larger if the tax had been levied on producers.
The graphical relationship between real gross domestic product (GDP) and capital is called the:
Which of the following is true about retained earnings?
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