Question Details

(solution) Which of the following is an example of an excise (quantity) tax?


  1. Which of the following is an example of an excise (quantity) tax?

    a 15.3% payroll tax

    a tax of $0.41 per gallon of gas

    a tax of 12.4% of your wages

    a tax on the value of your property



  1. At a price of $2.00, a local coffee shop is willing to supply 100 scones per day.  At a price of $1.80, the coffee shop would be willing to supply 80 scones per day.  The price elasticity of supply is about

    1/2.

    2.

    -2.

    1.

    -1/2.



3,The Federal Insurance Contributions Act (FICA) stipulates that the payroll tax should be collected equally from the employers and the employees. In reality, since the price elasticity of supply of labor is low, and the price elasticity of demand for labor is high:

the employees bear the greater share of the burden of the tax.

the employers bear the greater share of the burden of the tax.

It is impossible to determine who bears the burden of the tax.

the employers and the employees each bear half of the burden of the tax.


4.

Suppose that demand for medicine is perfectly inelastic. The supply of medicine is an upward sloping line. If a $5 excise tax is placed on the producers of medicine:

The price consumers pay for medicine will stay the same.

The price consumers pay for medicine will increase by $5.

The price consumers pay for medicine will decrease by $5.

The price consumers pay for medicine will increase but by less than $5.



 


Solution details:

Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Sep 13, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now