30. Who once said that taxes are the price we pay for a civilized society? a. Milton Friedman b. Theodore Roosevelt c. Arthur Laffer d. Oliver Wendell Holmes, Jr. 31. To fully understand how taxes affect economic well-being, we must compare the a. benefit to buyers with the loss to sellers. b. price paid by buyers to the price received by sellers. c. profits earned by firms to the losses incurred by consumers. d. decrease in total surplus to the increase in revenue raised by the government. 32. When a tax is levied on a good, the buyers and sellers of the good share the burden, a. provided the tax is levied on the sellers. b. provided the tax is levied on the buyers. c. provided a portion of the tax is levied on the buyers, with the remaining portion levied on the sellers. d. regardless of how the tax is levied. 33. Rent control a. is an example of a price ceiling. b. leads to a larger shortage of apartments in the long run than in the short run. c. leads to lower rents and, in the long run, to lower-quality housing. d. All of the above are correct. 19 bra pileups sonaled 34. The minimum wage is an example of a a. price ceiling b. price floor. c. wage subsidy. d. tax. 35. A tax on a good a. raises the price that buyers effectively pay and raises the price that sellers effectively receive. b. raises the price that buyers effectively pay and lowers the price that sellers effectively receive. c. lowers the price that buyers effectively pay and raises the price that sellers effectively receive. d. lowers the price that buyers effectively pay and lowers the price that sellers effectively receive. 36. The supply curve for whiskey is the typical upward-sloping straight line, and the demand curve for whiskey is the typical downward-sloping straight line. When whiskey is taxed, the area on the relevant supply-and-demand graph that represents a. government's tax revenue is a rectangle. b. the deadweight loss of the tax is a triangle. c. the loss of consumer surplus caused by the tax is neither a rectangle nor a triangle. d. All of the above are correct