Economics 12E - Arnold - TB_102 - DIFFICULTY Moderate NATIONAL STANDARDS United States BUSPROG Analytic LOCAL STANDARDS United States OH Default City

Economics 12E - Arnold - TB_102 - DIFFICULTY Moderate...

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DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 75. Refer to Exhibit 20-2. The market for good X is initially in equilibrium at $5. The government then places a per-unit tax on good X, as shown by the shift of S1to S2. As a result,the equilibrium price a. rises from $5.00 to $6.25.b. falls from $5.00 to $4.00.c. remains constant at $5.00.d. none of the aboveANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application 76. Refer to Exhibit 20-2. The market for good X is initially in equilibrium at $5. The government then places a per-unit tax on good X, as shown by the shift of S1to S2. As a result, POINTS: 1 DIFFICULTY: Challenging NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Elasticity KEYWORDS: Bloom's: Application
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