Reference no: EM13125068
1. The supply curve S1 and the demand curve D indicate initial conditions in the market for gasoline. A $.60-per-gallon excise tax on gasoline is levied, which shifts the supply curve from S1 to S2. Which of the following states the actual burden of the tax?
a. $.50 for buyers and $.10 for sellers
b. $.50 for sellers and $.10 for buyers
c. The entire $.60 falls on sellers.
d. The entire $.60 falls on buyers.
2. The supply curve S1 and the demand curve D indicate initial conditions in the market for gasoline. A $.60-per-gallon excise tax on gasoline is levied. How much revenue does the $.60-per-gallon tax generate for the government?
a. $40 billion
b. $48 billion
c. $50 billion
d.$60 billion
3. Joella is a third-grade public school teacher who doesn't own a car and uses public transportation. According to public choice theory, which of the following four politicians for a public office would Joella be most likely to vote for in the upcoming election?
a. Politician A proposes increasing the property tax on personal automobiles and using the money to increase teacher salaries by 10 percent.
b. Politician B proposes an across-the-board increase in state income tax rates and using the money to increase the benefits paid to unemployed workers.
c. Politician C proposes increasing the property tax on personal automobiles and using the money to increase the benefits paid to unemployed workers.
d. Politician D proposes an across-the-board increase in state income tax rates and using the money to improve the highway system.
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States the actual burden of the tax
: The supply curve S1 and the demand curve D indicate initial conditions in the market for gasoline. A $.60-per-gallon excise tax on gasoline is levied, which shifts the supply curve from S1 to S2. Which of the following states the actual burden of ..
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