Which of the following is an example of price floor ?
A. the minimum wage
B. rent controls
C. restricting petrol prices to Rs100 per litre when the equilibrium price is Rs150 per litre
D. All of these answers are price floors
Which of the following statements about the burden of a tax is correct ?
A. The tax burden generated from a tax placed on a good consumer perceive to be a necessity will fall most heavily on the sellers of the good
B. The burden of a tax falls on the side of the market (buyers or sellers) from which it is collected
C. The distribution of the burden of a tax is determined by the relative elasticities of determined by legislation.
D. The tax burden falls most heavily on the side of the market (buyers and sellers) that is most willing to leave the market when price movements are unf
A tax placed on a good that is a necessity for consumers will likely generate a tax burden that ?
A. falls more heavily on sellers
B. falls entirely on sellers
C. falls more heavily on buyers.
D. is evenly distributed between buyers and sellers.
When a tax is collected from the buyers in a market, ?
A. the tax burden falls most heavily on the buyers.
B. the buyers bear the burden of the tax
C. the sellers bear the burden of the tax
D. the tax burden on the buyers and sellers in the same as an equivalent tax collected from the sellers
Within the supply and demand model, a tax collected from the sellers of a good shift the ?
A. demand curve downward by the size of the tax per unit.
B. supply curve downward by the size of the tax per unit
C. demand curve upward by the size of the tax per unit.
D. supply curve upward by the size of the tax per unit
A. a teenage worker with few qualifications.
B. A manual worker with fifteen years of work experience
C. A professional worker with university degree.
D. All there are equally likely to find it difficult to get a job