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Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111Economics for Today 9th Edition by Irvin Tucker
Edition 9ISBN: 978-1305507111 Exercise 29
MICROECONOMICS FUNDAMENTALS
This road map feature helps you tie together material in the part as you travel the Economic Way of Thinking Highway. The following are review questions listed by chapter from the previous part. The key concept in each question is given for emphasis, and each question or set of questions concludes with an interactive game to reinforce the concepts. Visit cengagebrain.com to purchase the MindTap product where you can select a chapter and play the visual causation chain game designed to make learning fun. The correct answers to the multiple choice questions are given in Appendix C.
Key Concept: Tax incidence
Assuming the demand curve is more elastic (flatter) than the supply curve, which of the following is true?
A) The full tax is always passed on to the consumer no matter how flat (elastic) the demand curve is.
B) The full tax is always passed on to the seller no matter how flat (elastic) the demand curve is.
C) The smaller the portion of a sales tax that is passed on to the consumer.
D) It does not make any difference how flat (elastic) the demand curve is; the tax is always split evenly between buyer and seller.
Causation Chain Game
The Incidence of a Tax on Gasoline-Exhibit 10
This road map feature helps you tie together material in the part as you travel the Economic Way of Thinking Highway. The following are review questions listed by chapter from the previous part. The key concept in each question is given for emphasis, and each question or set of questions concludes with an interactive game to reinforce the concepts. Visit cengagebrain.com to purchase the MindTap product where you can select a chapter and play the visual causation chain game designed to make learning fun. The correct answers to the multiple choice questions are given in Appendix C.
Key Concept: Tax incidence
Assuming the demand curve is more elastic (flatter) than the supply curve, which of the following is true?
A) The full tax is always passed on to the consumer no matter how flat (elastic) the demand curve is.
B) The full tax is always passed on to the seller no matter how flat (elastic) the demand curve is.
C) The smaller the portion of a sales tax that is passed on to the consumer.
D) It does not make any difference how flat (elastic) the demand curve is; the tax is always split evenly between buyer and seller.
Causation Chain Game
The Incidence of a Tax on Gasoline-Exhibit 10
Explanation
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The more elastic the demand curve is tha...
Economics for Today 9th Edition by Irvin Tucker
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