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In Singapore the Government Places a $5,000 Tax on the Buyers

Question 167

Multiple Choice

In Singapore the government places a $5,000 tax on the buyers of new automobiles.After the purchase of a new car,a buyer must pay the government $5,000.How would the imposition of the tax on buyers be illustrated in a graph?


A) The tax will shift the demand curve up by $5,000.
B) The tax will shift the demand curve down by $5,000.
C) The tax will shift both the demand and supply curves down by $5,000.
D) The tax will shift the supply curve up by $5,000.

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