L 9 For a good with a conventional upward-sloping supply curve and a downward-sloping demand curve (that is, the good is neither perfectly elastic nor perfectly inelastic in demand or supply), an excise tax will tend to (O decrease price and increase quantity sold. (O increase price and increase quantity sold. (O decrease price and decrease quantity sold. O increase price and decrease quantity sold. O have an unpredictable effect on price and quantity. Question 2 1 pts The study of who bears the ultimate burden of taxes is known as O supply-side economics. (O opportunity cost. O marginal tax analysis. @ tax incidence analysis. Question 3 1 pts With an elastic demand curve O the burden of the tax will fall approximately equally on consumers and producers, and tax revenues can't be predicted. O the burden of the tax will fall primarily on producers, and tax revenues will be small. O the burden of the tax will fall primarily on producers, and tax revenues will be large. O the burden of the tax will fall primarily on consumers, and tax revenues will be small. @ the burden of the tax will fall primarily on consumers, and tax revenues will be large. The graph below illustrates a market with an excise tax. The amount of the per-unit excise tax is equal to Price Excise tax Supply Tax A ETax Supplyo PTax B IH Po Eo P, G Demand QTax Qo Quantity O Po- P1 O Ptax - P1 O Ptax - Po O A+ B + C+D Question 5 1 pts The graph below illustrates a market with an excise tax. The government tax revenues are equal to Price Excise tax Supply Tax A ETax Supply. PTax B H Po Eo G Demand QTax Qo Quantity OB+E O B + C + D +E +F+G O B +C +E +F OC+F OB +C +E +F + H +IThe graph below illustrates a market with an excise tax. After the tax, consumer surplus is equal to Price Excise tax Supply Tax A ETax PTax Supply. E H Po Eo P. D Demand QTax Qo Quantity O A+ B + E+H O A + B + C+D O A+B +E OA Question 7 1 pts The graph below illustrates a market with an excise tax. The excise tax creates a deadweight loss equal to Price Excise tax Supply Tax A ETax PTax Supply. H Po Eo P. Demand QTax Quantity O A + B + C +D + E +F+G O A- J O B +C+E +F+ H +I OO OH +IA tax in which the proportion of income paid in taxes tends to decrease as one's income increases is known as ... () a progressive tax. () an excise tax. () aflat tax. () a proportional tax. () aregressive tax. Question 1 pts Marco's total income is $50,000 per year. His taxable income is $40,000 per year, and he pays $10,000 in taxes. What is his effective tax rate? O 4 percent (O 5 percent () 20 percent (O 25 percent (O 40 percent Question 10 1 pts Marco earns $50,000 per year and pays $10,000 in taxes. Grace earns $30,000 per year and pays $6,000 in taxes. If Marco and Grace are representative of the tax system in this society, then this tax system is () progressive. () proportional. () regressive