Quiz%2006%20-%20solutions

# Quiz%2006%20-%20solutions - Econ*1050 Introductory...

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Figure 8-5 5) Refer to Figure 8-5 . Without the tax, producer surplus in this market would be a. \$1500. b. \$2400. c. \$3000. d. \$3600. e. \$4000. ANS: B PTS: 1 DIF: Challenging REF: 168 6) Refer to Figure 8-5 . Without the tax, total surplus in this market would be a. \$2400. b. \$3000. c. \$3600. d. \$4200. e. \$6000. 7) Refer to Figure 8-5 . If the tax is imposed on the buyer, producer surplus would be a. \$600. b. \$900. c. \$1200. d. \$1500. e. \$3000. 8) Refer to Figure 8-5 . If the tax is imposed on the seller, producer surplus would be a. \$600. b. \$900. c. \$1200. d. \$1500. e. \$3000. 9) Refer to Figure 8-5 . When the tax is placed on this good, the quantity sold will a. stay at 600 and buyers will still pay \$10.
b. fall to 300, but buyers will still pay \$10. c. stay at 600, but buyers will now pay \$16. d. fall to 300, and buyers will now pay \$16. 10) Refer to Figure 8-5 . If the government imposes the tax in this market, tax revenue will be a. \$600. b. \$900. c. \$1500. d. \$3000. 11) Refer to Figure 8-5 . The amount of the tax placed on this product is a. \$4. b. \$6. c. \$8. d. \$10. 12) Refer to Figure 8-5 . Total surplus with a tax imposed in this market would be a. \$1500. b. \$3600. c. \$4500. d. \$6000. e. None of the above is correct. 13) Refer to Figure 8-5 . If the tax is imposed on the buyer, total surplus in this market would be a. \$1500. b. \$3600. c. \$4500. d. \$6000. e. None of the above is correct. 14) Refer to Figure 8-5 . If the tax is imposed on the seller, total surplus in this market would be a. \$1500.

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## This note was uploaded on 11/24/2010 for the course ECON 1003 taught by Professor None during the Spring '10 term at University of Florida.

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Quiz%2006%20-%20solutions - Econ*1050 Introductory...

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